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瑞信:微降電盈(0008.HK)目標價至5.5港元 評級“跑贏大市”
格隆匯 02-14 11:38
瑞信發表的研究報告指,電訊盈科(0008.HK) 去年下半年核心EBITDA按年增長2.7%至70港元,主要受惠OTT及免費電視業務虧損收窄,但整合後淨收益則按年跌27.2%至5.18億港元,主要因為攤銷開支較高,公司宣派末期息每股23港仙,全年計派息每股32.18港仙,按年升3%,符預期。
該行指出去年下半年媒體業務EBITDA轉正,錄4,100萬港元,主要因為免費電視及OTT業務虧損收窄,相關業務表現亦受惠於規模效應,管理層估計未來將可達收支平衡。
而在IT解決方案業務方面,下半年相關收入按年增4.9%,而EBITDA則按年跌10.9%,主要因為於新加坡、馬來西亞及菲律賓的工程帶來了一次性開支,相關工程是為了公司在東南亞擴張,管理層估計數據中心使用率亦將提升。
該行將公司2020-21年每股盈利預測下調34%,主要考慮到攤銷開支對2019年盈利的影響。因下調了對其IT解決方案業務的估值,故將其目標價由5.6港元降至5.5港元,維持“ 跑贏大市 ”評級。

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