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《大行報告》瑞銀下調港鐵(00066.HK)目標價至43.1元 評級「中性」
阿思達克 03-11 09:47
瑞銀髮表研究報告指,港鐵公司(00066.HK)2021年基本業務純利按年增長近155%,主要受惠於鐵路業務的利潤貢獻轉正及房地產開發利潤增加約70%,業績符合預期。全年派息增長3%至每股1.27元,較瑞銀預測略低出2%。 報告指出,受惠於去年香港疫情形勢較穩定,去年下半年本地客流量按年增長約31%,恢復至2019年約90%水平,同時推動經營槓桿,令下半年營運支出高於預期,按年增長6.5%,蠶食上半年約6%的減幅。去年車站商務收入按年跌2%,當中租金收入的下跌大部分被強勁廣告收入所抵銷。 港鐵預計今年「日出康城」第十期(LP10)、「港島南岸」第一期(晉環)及第二期(揚海)的利潤將入賬,推售計劃方面,預期何文田站第二期、「日出康城」第十一期及「港島南岸」第四期在年內推出。港鐵又透露,將開展北環線及洪水橋站項目,預期在港府北部都會區規劃中發揮關鍵作用。 瑞銀根據2022年底預測資產淨值每股53.9元的約20%折讓,將目標價由44.4元下調至43.1元,並將2022至2023年盈利預測下調10%至27%,以反映第五波疫情影響等。
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