一文综合券商於港铁(00066.HK)公布业绩後最新观点、评级及目标价
港铁公司(00066.HK)今早股价偏软,该公司昨收市後去年业绩,录营业额545.04亿元,按年升1.1%。纯利119.32亿元按年跌25.5%,每股盈利1.94元。派每股末期息0.98元,全年合共为1.23元,大致符预期的1.21元。经常性业务利润为49.8亿元,跌44.8%,基本业务利润为105.6亿元,跌6.2%逊预期。港铁表示,根据初步未经审核之内部管理帐目,新型冠状病毒疫情及香港公众活动的後续影响对集团经常性业务净利润在2020年首两个月的财务影响预计约为13亿元,主要来自乘客量下跌带来的收入下跌、因车站关闭而为租户提供的宽减、减免中小型租户2月份一半租金、广告收入下跌,以及中国内地业务的负面财务影响。【运输量料跌 房产收入升】瑞银指港铁去年收入符预期,料公司今年1月至2月受新冠疫情对财务影响各为3亿及10亿元,随着3月复工下,料未来数月影响会收窄,并指公司今年来自物业发展收益会开始上升,维持对其「中性」评级及目标价46.7元。大和发表报告表示,港铁去年基本业务利润按年跌6.2%,但每股派息按年升2.5%,并承诺渐进式分红政。该行指,虽然港铁存在不确定性,但料房产开发业务收入不断上升,加认为其渐进式分红政策承诺应可支持其估值。该行维持其「跑赢大市」评级,将目标价由58.8元下调至49.2元。花旗指出,在新型冠状病毒疫情及香港公众活动影响下,预期港铁今年首两个月香港客运业务运输量按年将下跌34%,对其2020财年至2021财年的收入预测各下调22%及14%。该行将其目标价从55元下调至49元,维持其「买入」评级。本网最新综合7间券商对其投资评级及目标价:券商│投资评级│目标价(港元)高盛│买入│52元美银证券│买入│50元大和│跑赢大市│58.8->49.2元花旗│买入│55->49元里昂│跑赢大市│49->48元瑞银│中性│46.7元摩根士丹利│减持│41元----------------------券商│观点高盛│短期收益存在下行风险,疫情影响短暂,长期市场定位不变美银证券│业绩轻微优预期,未来几年房地产开发利润上升空间基本保持不变大和│渐进式分红政策承诺可支持估值花旗│预期今年首两个月香港客运业务运输量按年跌34%瑞银│房产开发收入或上升,料今年从房产发展业务料获现金流92亿元里昂│料港铁会受疫情影响,但料物业入账可带来强劲现金流摩根士丹利│房产开发收入或上升,惟估值未具吸引力(ta/w)~
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