大行評級|花旗:維持港鐵“沽售”評級 預計2025年至27年每股派息均爲1.31港元
花旗發表報告指,港鐵隨着新鐵路項目的推展,其資本開支持續增長,料今年至2027年的資本開支分別爲338億港元、298億港元及272億港元,來自新鐵路項目的資本開支持續增加,而且若獲批建造更多新線,開支將進一步上升。另一方面,料土地招標經濟效益減少,預計港鐵從土地招標中獲得的經濟效益將顯著低於幾年前的水平。
該行指,雖然認爲港鐵將能透過舉債滿足資本開支需求,但隨之而來的槓桿比率上升,可能導致每股收益與每股股息之間的差距持續擴大,預期港鐵在未來幾年內的每股股息將維持零增長。管理層重申,港鐵採用漸進式普通股息政策,其目標是每年穩步增加或至少維持普通每股股息的金額不變。該行維持對公司的“沽售”評級及目標價23港元。花旗預計港鐵於2025年至2027年每股派息均爲1.31港元。
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