富瑞:給予長飛光纖(6869.HK)持有評級 目標價15.96港元
富瑞發表研究報告指,長飛光纖光纜(6869.HK)在中移動招標中重新獲得了第一名,市場份額增加4.4倍。不過,長飛光纖的平均售價在去年下降了50%之後,按年再下降30%,該行認為現時只有前三名的公司才能負擔成本。該行予其持有投資評級,目標價15.96港元。
富瑞表示,長飛光纖或會利用其低成本的進取價格推動行業整合,認為是明智的策略,但需等待整合完成。富瑞指,以目前的平均售價,長飛光纖或能夠賺取少量利潤,但最後仍導致行業整合的結果。該行相信,由於長飛光纖規模大,加上專業知識和經驗,會是業內成本最低的生產商,令高成本營運商退出市場。

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