高盛表示，港铁(00066.HK) 去年净利润为158亿元。若剔除租赁物业重估净亏损17亿元，其核心净利润按年增长一倍以上，达到175亿元，高于该行及市场预估的140亿至150亿元。这主要得益于发展物业利润超出预期，主要来自康城(LOHAS Park)第11期、何文田站第1期及“THE SOUTHSIDE”第1/2/4/5期项目的入账。这部分被香港铁路及投资物业业务的低于预期收益所抵销，原因是员工成本增加，以及2024年下半年部分列车折旧费用加速。
正如预期，港铁维持其末期每股股息不变，为0.89元，全年合计1.31元，与去年持平。考虑到最新的业务趋势和发展物业入账计划，将港铁2025至26财年的每股盈利预测分别上调13%和下调1%，目标价由31.5元调整至31.6元。维持“买入”评级。该行认为，其股价表现将继续受到香港住宅市场情绪的驱动，更具体而言，是发展商竞投物业权益的意愿——后者在过去几个周期中一直是集团新铁路投资的主要上行推动力。(ad/u)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-07 16:25。)
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