《大行報告》匯豐研究聯通(00762.HK)冀與同業共建5G網絡削運營成本維持「買入」評級
匯豐環球研究發表報告指,中國聯通(00762.HK)今年上半年收入較該行預測低1%,但淨利潤表現則優於預測1%。集團上半年的流動服務收入按年下跌6.6%,主因取消數據漫游費用使競爭加劇,而寬頻接駁收入亦錄得4%下降。另外,雖然銷售成本按年增加5%,但網絡和員工成本控制良好。
該行維持予聯通「買入」評級,但下調目標價,由11.4元降至11.2元,並下調今年至2021年的淨利潤預測,以反映折舊和攤銷費用較高。至於今年至2021年的EBITDA預測則有所上調,以反映國際財務報告準則第16號(IFRS 16)的租賃會計。匯豐研究指,聯通希望與同業共建及分享5G網絡和資源,以持續減少資本開支及運營成本。
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