华泰证券发表报告，首次覆盖港铁(00066.HK) ，评级“增持”，目标价29.7元。报告指，港铁公司经常性利润来自铁路客运、免税店及车站小商店租赁、商场租赁等现金流稳健的收租业务，近十年盈利贡献约占45%。非经常性利润来自新建铁路沿线的房地产开发、投资物业的公允价值重估，盈利贡献约占55%。该行认为，消费模式转变及入境旅游增长、按揭利率下降或为重要催化剂。
华泰证券指，香港经济前景不明朗及较高的利率抑制消费意愿，市场担心商场租金持续下跌、住宅销售难反转。该行认为，当前股价已充分反映基本面担忧，当前股价已较2019年7月的历史高点下滑五成。更为关键的是，边际回暖信号已经显现，2025年市盈率与市账率估值低于2011年以来的25%分位数。
该行预测，港铁2024至2026年净利润分别为128亿、225亿及237亿元，分别按年增加64%、76%及5%。(ha/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-01-02 16:25。)
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