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馮兆山先生(Michael Fung)
經理

現任職輝立經理,對投資股票、期權經驗豐富。本人樂意為客戶提供投資分析及買賣策略。歡迎各位來電交流心得。
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# 預期港鐵 (66.HK) 派息政策不變, 調整可吸納作中長線投資

Thursday, December 17, 2020 Views3840

# 預期港鐵 (66.HK) 派息政策不變, 調整可吸納作中長線投資

 

  • 去年, 港鐵受本港社會活動影響;今年, 則受到新型肺炎所困擾, 相信港鐵今年業績難有好表現.

  • 港鐵管理層維持漸進派息政策 – 相信從中長線投資角度來看, 若股價出現調整, 可視作為難得的吸納機會.

  • 憧憬再派特別息. 回顧2001至2006年保持每股派息0.42港元, 未有顯著增長;不過, 之後開始實行循序漸進的派息政策, 股息自2007年開始逐年遞增:

 

 

  • 另外, 值得注意的是港鐵曾於2016年下半年及2017年下半年分別派發特別息每股2.2元 – 因高鐵項目嚴重超支, 港鐵透過派特別息, 助政府支付超支部分。

  • 物業收益續支撑業績.

  • 去年度, 港鐵全年收入按年增加1.1%, 至545.04億元;經常性業務利潤下跌44.8%, 至49.8億元;基本業務利潤亦減少6.2%, 至105.6億元;純利119.32億元, 下跌25.5%, 相當於每股盈利1.94元.

  • 據市場預期, 未來六至七年將有16個物業發展項目相繼應市, 總樓面面積逹1,453.16萬平方呎, 合共提供22,000個住宅單位.

  • 總括而言, 港鐵去年業績大致符合預期, 但受疫情影響, 短期盈利前景難免受壓;不過, 整體基本因素仍然穩健, 故逢任何調整均為吸納時機.

  • 現時, 港鐵日線圖的250天平均線 = 40.951元, 60天平均線 = 40.5元, 120天平均線 = 40.1元. 鑑於多條平均線重疊於40元附近, 投資者可於40元作出中、長線吸納.

  • 首個目標價設為2020年1月17日高位 = HK$46.57;第二個目標價設為2019年7月18日高位 = HK$54.27.

 

本人馮兆山為證監會持牌人士。截至本評論文章發表日止,本人及或其有聯繫者並無持有全部提及之證券的所有相關財務權益。

 

I, Michael Fung, am a licensed person under the Securities and Futures Commission. Until the date this commentary was published, neither I and/or my affiliates are the beneficiary of the securities mentioned herein or are entitled to any financial interests in relation thereto.

This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
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