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《大行報告》美銀證券:港鐵(00066.HK)中期業績勝預期 維持「中性」評級
阿思達克 08-11 10:23
美銀證券發表研究報告指出,港鐵(00066.HK)中期業績勝預期,雖然受累於物業發展利潤按年跌92%,期內核心盈利按年跌61%至31.73億元,但仍超過該行預期。此外,由於免稅店業務的租金收入復甦,上半年來自全香港車站商務活動的總收入按年增加63%,超出該行預期10%。中期息維持42仙則較該行預期低2%。 該行引述港鐵管理層解釋,其漸進式股息政策可能是階梯式,而不是每年增加,並且必須評估下半年業績而決定今年會否增加派息。該行認爲,港鐵派息增長路徑可能放緩或因爲新鐵路路線需要大量資本開支。 此外,該行認爲在成本上漲的環境下,港鐵將有動力加快開發其物業發展項目,但如未來樓價下跌,估計有關項目的回報將有所降低。該行對港鐵維持「中性」評級,目標價42元,認爲估值合理。
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