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《大行報告》匯豐研究下調港鐵(00066.HK)目標價至35元 反映物業銷售下降和財務成本上升
阿思達克 03-08 13:49
匯豐研究發表報告,將港鐵(00066.HK)目標價調低24%,由45.2元下調至35元,維持「買入」評級,認為其中期增長潛力依然存在,但增長之路崎嶇不平。 報告指港鐵2023年業績低於預期,主要是受到入帳物業項目減少及海外鐵路項目撥備的拖累,基本盈利按年減少40%,至約64億元。如果在政府為樓市撤辣後,賣地及樓市能在2024年下半年穩定下來,可減輕投資者對其資本開支增加的憂慮。 港鐵的淨負債比率按年增加3.2個百分點至26.5%,匯豐預計或將進一步上升,但仍維持在健康水平,並仍遠低於之前的擴張周期。匯豐指港鐵作為防守型股票,能夠克服市場不確定性的影響。 展望2024年,匯豐預計隨著更多項目的銷售(如南區項目第4-5期和何文田項目第1-2期),以及其客流量逐漸恢復至疫情前水平,收入應有明顯的反彈。隨著其兩個新商場The Wai和The Southside開幕,在2024年全年的租金收入將進一步提升。
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