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《大行》瑞銀料北環線消息對港鐵(00066.HK)股價輕微負面 續籲「沽售」
阿思達克 07-09 10:43
瑞銀研究報告指,港鐵(00066.HK)已與政府就北環線項目第一部分簽訂協議,第一部分資本支出為314億元,包括設計及建造主線的費用。政府將向港鐵批出10塊土地,面積約26公頃,作住宅和商業用途。假設地積比為6.5倍,該行料總樓面面積達1,820萬平方呎。在「鐵路+住宅」模式下,港鐵需向政府補地價,當中會減去390.5億元以作為政府對港鐵推展北環線項目第一部分的財務資助,即每平方呎2,147元,高於近期洪水橋農地轉換項目的每平方呎1,681元。 基於樓市仍然在消化庫存,該行料港鐵將需時就土地招標,而發展商亦傾向地價分成的模式以減低風險,將延遲現金流。該行料北環線整體成本為1,000億至1,300億元,而第二期項目成本相比起第一期明顯較高。港鐵料將於未來一、兩年透露第二期項目資本支出,目標在2034年前全面完成北環線項目,該行料股價將有輕微負面影響;維持「沽售」評級及目標價21.6元不變。
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