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《大行報告》瑞銀上調中移動(00941.HK)目標價至76元 評級「買入」
阿思達克 03-26 10:13
瑞銀發表研究報告,指中移動(00941.HK)去年純利增長1%,大致符早前指引,公司料純利今年穩定增長。去年度每股派息增1%,管理層不排除未來增派息,視乎今年盈利表現及現金流生成。

報告稱,由於5G相關投資,去年維修成本大幅增加17%,管理層預期今年有關成本增長大幅放緩(料按年僅升5%)。中移動管理層亦指出,料流動ARPU今年靠穩或上升,對上一年則跌3.5%,並留意到行業有收入動力改善跡象(首兩月收入增6%)。瑞銀維持對內地電訊行業經營樂觀看法;考慮其現估值僅相當於預測市盈率8倍,較歷史均值低出近兩個標準差,維持予中移動「買入」評級,以市盈率及現金流折現率為綜合估值基礎,目標價由72元升至76元。

瑞銀升中移動2021至2023年各年每股盈測分別2%、5%及3%,以反映去年業績略勝預期,及首兩月收入增長勢頭勝預期。該行稱,其今年資本開支指引低於瑞銀早前預測,但維持中移動長遠資本開支預測不變。

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