金吾财讯 | 摩根士丹利发布报告，港铁公司(00066)2024年业绩表现亮眼，在宏观环境不佳、香港其他发展商业绩受影响的情况下，港铁的盈利和派息展现出更强的韧性。2024年其基本溢利大幅增长175%，每股股息为1.31港元，与上一年度持平。港铁物业发展利润的主要来源为康城、何文田等项目的确认盈利。基于当前情况，大摩预计2025年港铁发展项目盈利仍可能维持高位，有望达到100亿港元，主要得益于康城、何文田以及SOUTHSIDE等四个项目。该行指，因最新的物业发展入账预测以及经常性收入预测降低，大摩下调了对港铁2025年每股盈利预测14%，2026年下调1%。即便如此，在资本开支升高的情况下，大摩预计港铁依然能够维持稳定的每股股息。摩根士丹利维持港铁公司目标价30港元以及“增持”评级，看好港铁在未来的发展表现及投资价值。
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