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《大行报告》大和上调港铁(00066.HK)目标价至53.8元 评级「买入」
阿思达克 03-15 11:20
大和发表的研究报告指,港铁公司(00066.HK)去年基本业务利润跌58.7%至43.8亿元,主要受铁路方面亏损拖累等,不过集团维持每股派息不变,估计可令投资者放心并对估值有帮助,重申「买入」评级,目标价由52.1元升至53.8元。

该行指出由於公司铁路营运经营成本庞大且固定,不过受封关及本地客运下跌影响,铁路盈利显着受影响,留意到利润较高的跨境业务及关口重开可见性较低,所以将公司2021-22年净利及每股盈测降39%,以反映跨境业务持续亏损的影响。不过大和认为公司整体盈利仍受物业销售利润支撑,总共17个项目已招标,涉及2.3万伙,同时疫情对公司影响最严峻的阶段估计已过去,料港铁经营环境将逐步改善。

大和指出虽然铁路经营环境困难,公司维持每股派息不变,反映港铁透过派息展示承诺,留意到公司自2006年起一直增派息,2016及17年更派发特别息,相信现代化是市场对地产公司及企业估值的重大因素,而公司的派息政策亦展示了现代化的决心。该行相信港铁维持每股派息对集团作为高价值香港企业的地位有利。

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