一文了解券商於中移動(0941.HK)公布季績後最新評級、目標價及觀點
中移動(00941.HK)今早股價偏淡,現跌0.8%報51.95港元。該股昨晚公布今年首季度業績,錄得純利241億人民幣按年增長2.3%。EBITDA為721億人民幣增長5.2%;EBITDA率36.3%,下降1.5個百分點。摩根大通指中移動首季EBITDA及移動業務ARPU回增長,料影響正面;瑞銀則指中移動首季業績符合預期,指公司移動業務ARPU持續上升,顯示正面訊號,並對其今年餘下日子前景感樂觀,維持「買入」評級。
中移動首季營運收入1,984億人民幣增加9.5%。其中,通信服務收入1,777億人民幣增加5.2%;銷售產品收入及其他208億人民幣,增加67%,主要由於終端市場5G手機機型的豐富及價格門檻降低,手機銷售量大幅增長。移動ARPU為47.4人民幣增長0.9%;集團將持續推進基於規模的價值經營,力爭全年移動ARPU企穩回升。
【季績符合預期 移動ARPU升】
花旗表示,中移動首季利升2.3%,相當於該行及市場同業預測其今年純利的22%,認為其盈利穩定增長,指移動業務ARPU持續改善中及DICT(大數據時代DT(Data Technology)與IT、CT(通信)的深度融合)收入增長,公司首季服務收入按年升5.2%(對比2020年增長3.2%),指公司目標定及服務收入表現健康,維持「買入」評級及目標價76元。
高盛發表報告表示,考慮中移動首季度EBITDA按年增長5.3%,按季增長5.7%,意味著服務EBITDA利潤率穩定在40.6%,淨利率為12.1%見顯著改善下,可見公司致力於實現穩定,健康的EBITDA及淨利潤增長。該行上調其2021年至2023年收入預測至多約1%,基於現金流健康穩定,上調對其今年每股盈利預測由5.31元升至5.35元人民幣,將其目標價格從54港元上調至54.3港元,此按現金流折現率作估值,維持其「中性」評級。
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本網最新綜合7間券商其投資評級及目標價:
券商│投資評級│目標價(港元)
里昂│買入│80元
瑞信│跑贏大市│79.5元
花旗│買入│76元
瑞銀│買入│76元
匯豐環保研究│買入│70元
摩根大通│增持│73元
高盛│中性│54->54.3元
券商│觀點
里昂│首季淨利潤符預期,料全年保持約5%服務收入增長和穩定收益
瑞信│首季淨利潤按年增2.6%符預期
花旗│料今年服務收入/淨利潤可保持穩定健康增長
瑞銀│首季移動ARPU增1%,扭轉去年第四季下降趨勢
匯豐環球研究│首季EBITDA復蘇,5G步伐加快成為服務收入增長催化劑
摩根大通│首季EBITDA和移動ARPU恢復增長
高盛│收入趨勢持續,EBITDA毛利率穩定
(ta/w)
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