一文綜合券商於聯通(00762.HK)公布業績後最新觀點、評級及目標價
中國聯通(00762.HK)今早股價抽上，盤中曾高見4.66元一度升14.2%，該公司公布截至去年12月底止全年業績，純利113.3億元人民幣，按年升11.1%；每股盈利0.37元人民幣。期內EBITDA按年增11.1%至944億元人民幣，派每股末期息0.148元人民幣，上年同期派0.134元人民幣。
期內移動用戶ARPU由2018年的45.7元跌至40.4元人民幣，而4G業務ARPU則由2018年的53.3元跌至44.5元人民幣。聯通去年資本開支總額為564億人民幣，當中5G資本開支約為79億人民幣，而今年資本開支預算為700億人民幣，5G資本開支料約350億人民幣。
【資本開支增 淨利潤率低】
瑞信發表報告表示，聯通去年業績符合預期，EBITDA按年增長逾11%，主要是受執行新租賃準則的影響。聯通預計今年資本開支按年增長24.1%至700億人民幣。瑞信認為，聯通即使共建網絡節省成本，惟其投資回報率和淨利潤率仍然較低，料其今年淨利潤削減18%，並將其目標價由7.68元降至6.15港元，投資評級則由「中性」上調至「跑贏大市」，現估值僅市賬率0.36倍，指較低回報預期已反映在股價之上。
中金表示，聯通去年純利按年升11%、派息比率達到40%符合該行預期，料公司今年5G用戶可升至5,000萬戶，相信可提升服務業務收入，但因5G資本開支將令其現金流面臨壓力，維持「中性」評級及目標價6.1港元。
本網最新綜合7間券商對其投資評級及目標價：
券商│投資評級│目標價(港元)
大和│買入│12.89->9.26元
花旗│買入│9.5->8.5元
摩根士丹利│增持│8元
里昂│買入│9.2->7.7元
野村│中性│7.4元
瑞信│中性->跑贏大市│7.68->6.15元
中金│中性│9->6.1元
-------------------------
券商│觀點
大和│降今明兩年股盈預測三成，但指估值吸引
花旗│5G發展料可改善收入，惟今年資本支出或增24%
摩根士丹利│微調2020年至2022年盈利微調，短期風險已消化
里昂│將2020至2021年盈利下調10%，固網業務利潤率較低
野村│下半年5G加速發展，共建網絡節省成本
瑞信│5G建設令成本上升，預計2020年淨利潤削減18%，但估值低廉
中金│關注市場競爭加劇，5G資本支出增加
(ta/w)
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