國泰君安:中電信(0728.HK)回A股改善估值 升目標價至3.2港元
國泰君安證券發表報吿表示,中國電信(0728.HK)2020財年業績符合該行預期,預計2021財年移動ARPU將進一步恢復,目前從4G遷移到5G的ARPU增長約10%,料這一趨勢將在今年保持,預計今年5G用户的比例將保持強勁增長,同時公司的目標是實現5G用户淨增長8000萬户。該行將目標價由3.1港元上調至3.2港元,維持“買入”評級。
報吿預計,中電信2021財年產業數字化業務將實現雙位數的增長,鑑於公司在產業數字化方面的持續投資和佈局、其在雲網融合方面的優勢以及強勁的市場需求,預計產業數字化業務將保持強勁且穩定的增長。
該行又指,中電信重返A股將改善公司的估值,同時引入戰略投資者有望擴大公司的生態環境。不過,該行將中電信2021-2022財年每股盈利預測分別下調4.4%及10.2%。
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