《大行報告》匯豐研究上調港鐵(00066.HK)目標價至45.2元 評級「買入」
匯豐研究發表報告指,港鐵(00066.HK)上半年業績表現疲弱,利潤按年下降56%至32億元,是由於未有大規模的物業利潤入賬。正面來看,集團的經常性業務顯著改善,其盈利能力已恢復至2019年的水平。與充滿挑戰的2020至22年相比,這應為其提供良好的現金流來為業務增長提供資金。該行表示,雖然考慮到成本壓力飆升等因素,其經常性業務需要一段時間才能恢復到2018年的正常水平,但認為港鐵是行業內具有良好防守性的公司,並正處於逐步復甦軌道上,維持「買入」評級,目標價由44元上調至45.2元。
該行表示,港鐵接載的乘客流量已恢復至疫情前的逾90%水平,並正在穩步改善,加上購物中心的新租金貢獻,預計其於未來12個月將進一步復甦。至於房屋方面,該行認為集團於今年利潤中存在下行風險。多個項目的建設及銷售進度均低於預期,或會導致年內利潤貢獻減少。該行將集團2023年的盈測下調5%,而2024及25年盈測則分別增長2.8%及5.7%。
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