《大行報告》野村上調中電信(00728.HK)目標價至3.1元 評級「中性」
野村發表研究報告,指中電信(00728.HK)上半年業績好壞參半,服務收入按年增長2.5%,較該行及市場預期為差,主要是因為公司的固網業務落後於市場的雙位數增長。期內,純利按年增長0.3%,較該行及市場預期好。EBITDA利潤率按年僅下跌0.9個百分點至33.8%,高過該行預期的33.2%。
此外,公司的5G套餐用戶增加3,320萬個,並訂下全年達8,000萬個的目標,意味下半年的發展勢頭更強。隨著市場競爭紓緩以及5G與DICT業務等新動力,公司的寬帶及移動ARPU表現都在復甦。
該行預期公司的收入增長會在下半年持續,雖然網絡營運成本欠佳可能會影響盈利能力。基於5G及DICT的前景強勁,將公司2020至2022年的收入增長預測略為上調1至2%,而在更好的銷售及行政開支控制下,亦將2020至2022年的盈利預測上調2至10%。維持公司「中性」投資評級,目標價由原來的2.5元上調至3.1元。
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