大摩:港鐵(0066.HK)股息率低 予減持評級
摩根士丹利發表研報指,港鐵(0066.HK)去年基本業務純利按年增長1.55倍至112億港元,這主要受益於來自物業發展利潤增加約70%,高出該行預估約7%。但儘管全年每股派息增加3%至每股1.27港元,但3.1%的股息率仍是該行覆蓋範圍內最低的收益率之一。而更重要的是今年上半年受第五波疫情影響,車務營運和租金收入前景負面。該行給予“減持”評級,目標價36港元。
報吿指,受益於客流量回復至疫情前九成水平,港鐵去年下半年香港車務營運收入按年增長19%,但預計今年上半年相關收入將按年減少30%。報吿又預料,港鐵租金將回復負增長,商場租金按年跌9%,而由於康城商場的新貢獻,去年下半年相關收入較上半年增長1%。

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