《大行報告》星展降港鐵(00066.HK)目標價至46.45元 關注或要為經營深圳地鐵四號線作減值
港鐵(00066.HK)股價五連跌,今日(27日)中午股價跌近3.3%,半日收37.15元,創逾兩年低。星展發表報告表示,重申對港鐵「買入」投資評級,但下調對其目標價至46.45元,指現股價較該行目前估計的每股資產淨值(NAV)折讓13%,隨著本港社交距離措施的放鬆,公司的核心業務正在復甦,但關注港鐵或要為其所營運深圳地鐵四號線進行減值撥備。
該行表示,港鐵公司自2010年開始營運深圳地鐵四號線,由於營運成本一直在上升,票價並未上漲,過去已為此確認減值損失9.62億元,預計建立票價調整機制和程序需要更長的時間,這將影響深圳地鐵四號線的長期生存能力,從而拖累港鐵的收益。
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