《大行報告》花旗下調聯通(00762.HK)目標價至4.45元 評級「中性」
花旗發表的研究報告指,維持對中國聯通(00762.HK)「中性」評級,認為公司面對盈利遜同業的風險,主要因為用戶及收入增長呈弱勢,將公司目標價由5.35元降至4.45元。
該行引述管理層指,公司目標2021年流動服務收入增長將高於2020年的0.2%,而流動ARPU則持續改善,管理層亦期望固網服務收入在2021年可維持強勁增長,並預期工業互聯網網年度收入未來三年將增逾兩成。展望將來大數據、IoT及雲業務增長將快過IDC業務,另外管理層期望淨利可維持強勁增長勢頭,意味增長速度將與2020年的10.3%增長類近。
在5G發展方面,聯通維持整體資本開支在700億元人民幣(下同)水平,而5G資本開支未來兩年則為350億元,公司計劃與中電信(00728.HK)透過網絡共享於2021年增加32萬個5G基站,料明年前將有100萬個5G基站正在使用。另外公司亦計劃聚焦於智能城市、智能生產等領域,助推動5G在企業方面的應用等。該行相信來自5G的垂直擴張有望帶來新收入,長遠而言將成公司增長引擎,不過估計仍需額外兩年時間才建立出可行的商業模式。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.