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《大行報告》德銀上調中移動(00941.HK)目標價至85元 評級「買入」
阿思達克 03-29 12:04
德銀發表的研究報告指,中國移動(00941.HK)去年淨利升1%至1,080億元人民幣,略好過該行預期,期內服務收入升3.4%,不過網絡成本升17%拖累盈利表現。期內能源開支及鐵塔租賃費升約60億元人民幣,而維修及營運開支亦按年升約250億元人民幣,公司指是源於5G大力推出及資訊與通訊科技(ICT)新業務等帶來的影響,該行期望收入未來將加快。去年企業收入按年升26%,家居收入則升20%,惟ARPU下跌及流動客戶收入跌3%,好消息是公司期望2021年ARPU穩中有升,反映用戶轉向5G以及行業由流動用戶增長轉向數碼服務增長。

管理層估計收入及現金經營開支增長將類似,故EBITDA利潤率將維持平穩,而今年資本開支指引則為1,840億元,按年增1.5%,或有機會見頂。公司估計基礎5G網絡在2022年將啟用,之後資本開支將緩慢向下,該行估計公司將維持每股派息增長平穩或與每股盈利走勢一致,而去年該行每股派息升1%。

該行認為在業績內中移動未有將公司演繹成企業業務或國際的龍頭,當中有14頁用(上一年僅9頁)於演示業績,更多用作講解其IP、數碼化業務及滿足國際標準的舉措,認為對投資者更友善,但公司盈利較十年前低一成,投資者正等待公司有清晰的行動。總括而言該行仍相信公司及行業正緩慢地走向正確方向,目標價由75元升至85元,評級「買入」。(el/u) ~

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