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《大行報告》瑞銀升港鐵(00066.HK)評級至「買入」 目標價上調至50.2元
阿思達克 09-17 09:43
瑞銀發表的研究報告指,將港鐵(00066.HK)評級由「中性」升至「買入」,目標價由45.7元升至50.2元,考慮到社會不穩及疫情影響已反映,隨著第三波疫情開始緩和,相信投資者將焦點轉向短期復甦,以及公司於物業發展、商場及鐵路項目方面的中期增長。該行相信公司2021至2025年盈利將升至平均每年220億元,帶動每股派息年複合增長達10%,而股份現價為2021年預測市盈率的18.2倍,低於過去七年平均值,加上股息率達3.4%亦高於七年平均,意味其增長前景未反映在股價上。

該行認為受惠香港零售銷售復甦,估計租金下調的影響將有所減緩,料下半年續租租金跌幅將有所收窄。展望疫情復甦後,公司將有三個商場將開幕,帶動投資物業組合的樓面面積將升約50%,帶動2020至2025年租金收入年複合增長達7%,有助抵銷租金方面的壓力。

而在物業發展方面,瑞銀估計自2022年起物業發展盈利將有所增長,主要受惠項目包括大圍、何文田及黃竹坑,更重要的是一部分的盈利已經鎖定,估計未來五年物業發展盈利合計560億元。長遠而言新鐵路項目包括東涌線延線及屯門南延線等將帶動土儲,而小蠔灣發展項目亦可提供土地。

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