《大行报告》汇丰研究下调香港宽频(01310.HK)目标价至17.6元评级「买入」
汇丰发表研究报告指香港宽频(01310.HK)上月21日建议采纳共同持股计划III Plus,为投资者提出潜在增长指引。汇丰料其可供分派的每股经调整可用现金於三个财政年度(按累积基准)达2.67元,高於启动计划的门槛2.53元(上限为3.03元)。报告称,投资者与员工之间利益高度相关,属该行喜好香港宽频的原因。
报告表示,香港宽频多达22%的员工可参与计划。任何合资格员工透过计划受托人於市场上认购股份支付的金额,须(A)等於或超过该员工年度薪酬的六分之一;及(B)不多於该员工年度薪酬的两倍。倘计划以最大程度执行,则料带来2.91%的股权摊薄。
汇丰称,香港宽频的重大计划,在於让汇港电讯(WTT)重拾增长,及在合并业务中取得协同效应。该行料经营开支上的协同效应在2020年8月底止财政年度展现,并等待观察公司在实现销售增长上的更新资料,以及相对於以往专注中小企,其扩大向大企业提供服务。汇丰称,亦注意消费市场发展,香港宽频称,已恢复顾客增长及未来三年争取达到100万名客户。
报告调整香港宽频未来经营开支预估,以反映对汇港电讯经营开支及潜在协同效应的了解增加,以现金流折现率计,予目标价相应由18.3元降至17.6元,惟经营开支增加的影响,被广告及市务开支下降所部分抵销,维持「买入」评级。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.