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《大行報告》大摩降港鐵(00066.HK)評級至「減持」 目標價下調至37元
阿思達克 03-14 15:30
大摩發表報告,認為港鐵(00066.HK)是通關受惠者,但較低的鐵路利潤率和免稅店租金、較高的資本支出以及去年的發展物業利潤差距都顯示利潤恢復緩慢。將評級由「與大市同步」下調至「減持」。目標價由39元降至37元。 大摩預計,今年港鐵乘客人次將比2018年水平高出2%,而跨境乘客人次將恢復到2018年的70%。但要恢復到2018年的利潤水平應該較慢,因為地鐵票價自2019年下半年以來一直無提高,並在去年下降1.85%。新的票價調整幅度可能無該行根據通脹和工資指數計算出的5%高。同時,去年的員工成本上升8%,公用事業成本比2018年增加19%。 大摩將今年的每股盈利預測下調51%,明年預測則上調3%,分別比市場預測低47%和12%,以反映發展物業利潤確認延遲,鐵路和零售利潤下降,以及利息支出增加。
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