《大行報告》高盛料港鐵(00066.HK)上半年核心純利按年跌67% 重申「買入」看49.8元
高盛發表報告指出,隨著本港5至6月的入境內地旅客量逐漸恢復至2019年社會事件前的約60%水平(相對於1月僅為9%),港鐵(00066.HK)各項業務持續改善。在鐵路業務中,5月份高鐵客運量恢復至2018年水平的104%,領先於跨境服務/機場快線的62%及65%水平。
該行引述港鐵管理層展望,對公司業務前景持謹慎樂觀態度,並希望隨著更多遊客的回歸,帶動客流量與租金進一步增長。發展物業方面,今年料沒有項目落成,該行預期公司在沒有任何物業入賬的情況下,上半年核心純利26億元,按年跌67%;已銷售物業入賬大部分料下半年得到確認。
此外,該行認為本港經濟於過去三至四年遭受重創,估計未來將出現周期性復甦,而港鐵將是直接受惠者之一,因其業務橫跨各個細分市場。該行料其經常性純利將由2022年的11億元,上升至今明兩年的68億及93億元。重申對其「買入」評級,目標價維持49.8元不變。
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