《大行》美銀證券:港鐵(00066.HK)未來幾年股息上升空間有限 維持「跑輸大市」評級
美銀證券發表報告指,港鐵(00066.HK)與政府就北環線簽訂協議,除對雙方將北環線的發展分為兩期進行稍感意外,認為由港鐵承擔這項重要基建發展已是意料中事。
儘管該行預期港鐵在籌集債務融資方面不會遇到任何困難,港鐵最近亦確實透過發債籌集到長期融資,但認為股息在未來數年的上升空間有限,因為港鐵須為新鐵路線支付龐大的資本開支。同時,與新鐵路沿線相關的新發展物業用地的回報期遙遙無期。
因此該行認為港鐵4.6%的股息率並不吸引,維持「跑輸大市」評級。目標價24元。
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