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《大行報告》野村升港鐵(00066.HK)評級至「買入」 目標價上調至49.1元
阿思達克 08-12 10:57
野村發表報告表示,港鐵(00066.HK)上半年基本純利按年升78%至71億元,中期息增68%至0.42元,該行下調其今明兩年每股盈利預測53%及20%,以反映兩個新商場落成後會計處理的變化,將不再計入房地產開發利潤上。惟對港鐵目標價,由45.4元上調至49.1元,評級由「中性」上調至「買入」,認為港鐵風險回報已變得吸引。 該行指,港鐵本地客量將繼續在防疫措施放寬下復常,客量自5月以來已恢復正增長,同時受惠東鐵線過海段通車,料本地客量下半年按年升4%,明年則按年升15%。該行亦表示,相信自2019年累積3.35%票價加幅及結束票價優惠,應能抵銷票價調整機制檢討對未來加價上限的影響。 報告補充,租務優惠攤銷影響將由3間新商場開幕抵銷,且港鐵物業項目供應將持續在今明兩年貢獻明顯盈利及現金流,長遠而言,對鐵路加物業增長模式看法仍然正面,又指多個新鐵路項目亦將為港鐵補充土地儲備。
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