《大行報告》高盛升港鐵(00066.HK)目標價至55.6元 評級「買入」
高盛發表研究報告,指港鐵(00066.HK)上半年業績符預期,撇除物業重估,核心純利按年跌28%至41億元,主因物業銷售入帳減少。一如預期,香港營運業務按半年扭虧,上半年錄經常性純利3.46億元,去年下半年則錄6.4億元虧損,受惠乘客量按半年增8%,以及票價上調2%。車站廣告及租金收入趨穩定,收入按半年增2%。
報告稱,港鐵中期息維持25仙,並指下半年業務有較高可見度時,將重新審視全年派息。公司維持漸進派息政策取態,考慮其財政狀況強勁,料不難達成。該行料港鐵今年全年總派息持平於每股1.23元。
高盛引述管理層對未來業務審慎樂觀。社交距離措施逐步放寬,車站及商場租戶銷售良好復甦;不過,內地疫情反彈或致香港未來重新通關帶來更大不確定性。該行過去曾估算港鐵疫情前有約20%收入來自旅客或遊客(包括跨境、機場快線服務、免稅店及九龍站圓方銷售)。
考慮物業銷售入帳進度及本年至今趨勢,該行調整港鐵2021至2023年核心盈測,由介乎降11%至升12%,目標價由52元升至55.6元,評級「買入」,指港鐵在本地消費復甦及住宅需求穩定下多項業務呈復甦,但本年至今股價僅區間上落,源於市場對票價及延遲通關的憂慮。該行料票價優惠影響逐漸受下半年客量持續增長所抵銷,而通關只是時間問題,認為股價有進一步上行空間。
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