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一文綜合大行對中移動(00941.HK)最新評級、目標價及觀點(表)
阿思達克 03-26 11:53
中移動(00941.HK)今早股價靠穩,昨日(25日)中午收市後公布去年純利按年升1%至1,078.43億元人民幣,符合本網早前綜合16間券商預測之中位數1,074.3億元人民幣。每股盈利5.27元人民幣。派每股末期息1.76港元。

中移動去年營業額按年升3%至7,680.7億元人民幣,其中通信服務收入按年升3%至6,956.92億元人民幣,銷售產品收入及其他按年升1%至723.78億元人民幣。EBITDA按年跌4%至為2,851億元人民幣。EBITDA率按年收窄2.6個百分點至為37.1%。中移動董事長楊杰指內地政策為紅籌企業回A提供有利環境,公司正積極研究。

公司去年移動客戶9.42億戶,其中5G套餐客戶1.65億戶淨增1.62億戶,移動ARPU為47.4元人民幣,跌幅按年收窄4個百分點。公司期望移動客戶規模保持穩定,5G網絡客戶達2億,並力爭移動ARPU企穩回升。中移動去年資本開支為1,806億元人民幣,而5G相關投資共計1,025億元人民幣。公司預計今年資本開支1,836億元人民幣,其中5G相關資本開支約1,100億元人民幣。公司預期2021年新建2.6GHz基站約12萬,並擬與中國廣電聯合採購700MHz基站40萬站以上,於2021年至2022年建成投入使用。

【業績符合預期 ARPU跌幅收窄】

瑞銀報告指,中移動去年純利增長1%,大致符合早前指引。由於5G相關投資,去年維修成本大增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,並留意到行業有收入動力改善跡象,首兩月收入增6%。瑞銀維持予中移動「買入」評級,目標價由72元升至76元。該行亦上調中移動2021至2023年每股盈測2%至5%,以反映去年業績略勝預期,及首兩月收入增長勢頭勝預期。

匯豐環球研究指,中移動去年第四季EBITDA受網絡成本上升打擊,但管理層預計今年相關成本上漲將較去年放慢。該行亦認為中移動有潛在增加派息可能,受業務能見度改善,與及今年資本開支料按年升1.7%。在股東回報穩定及投資風險減低下,正觀望企業業務增長及顧客部門復甦跡象,作為潛在的股價催化劑。該行把中移動目標價由70元上調至74元,維持「買入」評級。

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本網最新綜合10間券商對其投資評級及目標價:

券商│投資評級│目標價(港元)

德銀│買入│75元->85元

里昂│買入│80元

瑞信│跑贏大市│79.5元

中銀國際│買入│78.6元

花旗│買入│76元

瑞銀│買入│72元->76元

摩根大通│增持│73元

匯豐環球研究│買入│74元->70元

野村│買入│65元

高盛│中性│55.3元

券商│觀點

德銀│去年底成本上漲影響盈利,股價相對歷史估值極為便宜

里昂│業務動力持續改善

瑞信│純利遜預期,但派息仍有增長

中銀國際│料移動業務ARPU今年可觸底回升

花旗│公司去年盈利大致符預期

瑞銀│業績符預期,展望正面

摩根大通│固網業務抵銷移動業務緩慢增長,資本開支預測低於市場預期

匯豐環球研究│網絡成本為今年業績關鍵

野村│收入及盈利勝預期,EBITDA率遜預期

高盛│業績符預期,全年派息指引穩定

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