《大行報告》瑞銀下調港鐵(00066.HK)目標價至42.3元 評級「中性」
瑞銀發表報告表示,港鐵(00066.HK)將於8月中旬公布今年上半年業績,該行料港鐵中期盈利將達到89億元,當中主要來自房地產開發利潤的推動,但經常性業務利潤則預期受到2月至4月疫情影響。該行預計,港鐵上半年來自本地鐵路服務客流量將按年下降約12%,而去年6月起屯馬線第二期開通後,營運開支將按年略有提升。
該行指,港鐵旗下日出康城10期「LP10」及黃竹坑站上蓋項目「晉環」期內取得入伙紙,預期利潤將於期內入賬,估計兩個項目淨利潤共達到87億元。至於投資物業,瑞銀預計由於去年租金下調、香港零售額下降及上半年有提供額外租金優惠,物業租金收入將按年下降3%,當中部分被康城商場The Lohas部分開幕所抵銷。車站商業業務方面,該行預計租金收入將下降5%。
港鐵早前表示計劃將股息組合更改為中期派發三分之一、末期派發三分之二,同時維持累進股息政策。基於每股資產淨值折讓,瑞銀將港鐵目標價由43.1元降至42.3元(相當於每股資產淨值52.9元折讓20%),維持「中性」評級。
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