富瑞:升中電信(0728.HK)目標價至3.23港元 市場對資本開支憂慮過甚
富瑞發表研究報告表示,中電信(0728.HK)今年資本開支指標為850億元人民幣(包括5G投資約430億元人民幣),低於該行及市場預期,該行認為市場對資本開支增加的憂慮過甚,與中國聯通相似,中電信指若超出現有指標,只會根據需求及業務情況而定,但不排除建立多於25萬個基站,該行將中電信目標價由3.22港元輕微上調至3.23港元,維持“買入”評級。
報告表示,雖然中電信今年5G上客目標6000萬至8000萬較為進取,但相信隨著更多可負擔的手機推出及於下半年擴展網絡覆蓋,同時在不進行大量補貼及打折下,相信可達致此目標,並料今年5G每月每户平均收入可上升10%。
富瑞又指,中電信管理層承諾保持今年派息穩定,按今年每股盈利保守預測,即派息比率為50%,其去年底淨負債比率降至只有16%,該行並預期今年錄正現金流,故相信可保持高股息收益率,該行維持中電信為三家內地電訊股中首選股看法。

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