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《大行報告》大和上調港鐵(00066.HK)目標價至53.8元 評級「買入」
阿思達克 03-15 11:20
大和發表的研究報告指,港鐵公司(00066.HK)去年基本業務利潤跌58.7%至43.8億元,主要受鐵路方面虧損拖累等,不過集團維持每股派息不變,估計可令投資者放心並對估值有幫助,重申「買入」評級,目標價由52.1元升至53.8元。

該行指出由於公司鐵路營運經營成本龐大且固定,不過受封關及本地客運下跌影響,鐵路盈利顯著受影響,留意到利潤較高的跨境業務及關口重開可見性較低,所以將公司2021-22年淨利及每股盈測降39%,以反映跨境業務持續虧損的影響。不過大和認為公司整體盈利仍受物業銷售利潤支撐,總共17個項目已招標,涉及2.3萬伙,同時疫情對公司影響最嚴峻的階段估計已過去,料港鐵經營環境將逐步改善。

大和指出雖然鐵路經營環境困難,公司維持每股派息不變,反映港鐵透過派息展示承諾,留意到公司自2006年起一直增派息,2016及17年更派發特別息,相信現代化是市場對地產公司及企業估值的重大因素,而公司的派息政策亦展示了現代化的決心。該行相信港鐵維持每股派息對集團作為高價值香港企業的地位有利。

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