《大行報告》瑞銀上調港鐵(00066.HK)目標價至42.8元 評級「中性」
瑞銀發表報告,指港鐵(00066.HK)上半年來自基本業務淨利潤為71億元,按年增長78%,比瑞銀預期的89億元低出20%,原因是物業發展利潤低於預期,以及就深圳地鐵4號線所作的9.62億元減值虧損。中期息符合預期。
瑞銀指,撇除上述因素後,港鐵上半年經常性業務利潤錄2.84億元,符合該行預期,主要受香港疫情拖累。不過海外業務EBITDA增長59%,表現好過預期。
根據港鐵目前的發展計劃,瑞銀預計其物業發展收益將在未來幾年內保持高位。港鐵預計下半年就中圍項目商場部分錄得公允值收益;並在未來十二個月左右為東涌東站第1期,及小蠔灣物業發展第1期招標。
瑞銀指,由於物業發展利潤低於預期,將2022財年盈利預測減少33%,保持「中性」評級,目標價就由42.3元微升至42.8元。
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