大行評級|高盛:微升港鐵目標價至31.6港元 去年發展物業入賬業績超預期
高盛表示,港鐵去年淨利潤為158億港元。若剔除租賃物業重估淨虧損17億港元,其核心淨利潤按年增長一倍以上,達到175億港元,高於該行及市場預估的140億至150億港元,這主要得益於發展物業利潤超出預期。這部分被香港鐵路及投資物業業務的低於預期收益所抵銷,原因是員工成本增加,以及2024年下半年部分列車折舊費用加速。港鐵維持其末期每股股息不變,為0.89港元,全年合計1.31港元,與去年持平。考慮到最新的業務趨勢和發展物業入賬計劃,將港鐵2025至26財年的每股盈利預測分別上調13%和下調1%,目標價由31.5港元調整至31.6港元,維持“買入”評級。該行認為,其股價表現將繼續受到香港住宅市場情緒的驅動。
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