花旗:升中兴(0763.HK)目标价至15港元 维持“沽售”评级
花旗发表报告表示,中兴通讯(00763.HK)上半年纯利录15亿元人民币,大致符合市场预期。公司上半年收入按年升13.1%至446亿元人民币,第二季收入按年升88.2%至224亿元人民币,按季则大致持平。期内毛利率较2018年同期上升11个百分点至37.1%,而2018年下半年则为36%。公司预期第三季纯利将录23亿至31亿元人民币,主要由於出售土地所得26亿至29亿元人民币带动。

该行认为,中兴旗下中国业务销售增长稳定,以及在发展中市场4G销售复苏。不过,公司从5G中的得益或将令人失望,因为中国电讯商可能会共享网络。该行指,中国电讯商或会继续积极控制资本开支以纾缓盈利压力,意味5G资本开支将面临下行风险,或设备订价将受压。
此外,贸易纠纷将继续令中兴环球市占率受压,花旗维持中兴“沽售”评级,旦将目标价由14港元升至15港元,此相当预测2020年市盈率12倍。
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