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富瑞:予港铁公司(00066)“持有”评级 目标价25港元

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富瑞发布报告称,予港铁公司(00066)“持有”评级,目标价25港元。公司去年下半年物业发展业务淡静或见盈利下跌风险,疲弱的土地市场及较高的资本开支或推升融资需要,或令派息增长放缓。

该行还指出,香港去年下半年车务营运持续回升,惟较高的成本压力或拖累板块复苏。通关及旗下新商场开幕将支持租务,但租金调整率似乎会维持负数。至于物业发展方面,该行估计,虽凯柏峰预售情况较预期好,但似乎仍不足以满足投资者预期,加上在地产下行周期中,发展商均减价及延迟推出项目,或令港铁物业发展短期利润受压。

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