《大行報告》瑞銀上調中電信(00728.HK)目標價至4.15元 評級「買入」
瑞銀發表報告指,中電信(00728.HK)業績最大亮點是公布在A股上市,相信集團是次上市時機正確,因行業重回復甦軌道,及5G帶來新的變現模式,令集團可受惠於策略夥伴,及更加統一的員工激勵結構。
業績方面,集團去年盈利按年增長1.6%,大致符合該行預期,若撇除50億元人民幣的舊3G資產撇賬,盈利估計上升約20%。瑞銀上調中電信股份目標價,由3.95元升至4.15元,評級維持「買入」,並微升其今年至2023年各年盈測分別2%、4%及3%。
該行認為,集團今年的資本開支指引仍得到良好控制,按年增長2.6%,雖然A股上市可能令實際開支較高,但相信現時電信公司有更大信心可根據實際業務需求管理資本支出水平,且集團的市盈率估值仍較歷史平均低超過一個標準差。
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