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大行評級|海通國際:維持港鐵“優於大市”評級 今年起現金流或比以前緊絀
格隆匯 02-10 10:26

海通國際發發表報吿,料港鐵將於3月初公佈去年業績,維持對港鐵2024至2026年收入預測,但將每股資產淨值(NAV)折讓率由原先25%擴至30%,以反映槓桿率擴張。考慮未來數年負債比率將升,目標價相應降至28.7港元,維持“優於大市”評級。該行認為港鐵現金流從今年開始可能會比以前緊絀。

海通國際預計,港鐵未來十年的資本開支高達1650億港元,其中2024至2026財政年度為900億港元,即每年250億至350億港元,其中80%用於香港鐵路維修及新鐵路項目。考慮到香港住宅物業市場仍在復甦,該行預期來自物業發展計劃的現金流入可能放緩。港鐵可能透過借貸、發債或配售尋求進一步融資,預期淨負債比率將由2024年上半年的27.5%上升至42%,並於2025至2026財年上升至45%。

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