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《大行报告》花旗:对中电信(00728.HK)潜在增加派息看法正面 流动收费降价压力较低
阿思达克 06-04 12:32
花旗发表研究报告,引述中电信(00728.HK)管理层指目标今年服务收入增长高於去年的4.5%增幅。以板块划分,管理层指引流动服务收入增长高於去年3.5%的水平,流动ARPU增长不低於首季的2.7%增幅,源於5G日趋普及,以及5G提振ARPU增长;固网服务收入增长目标高於去年的5.5%增幅。中电信认为,工业数码化业务增长率料由去年的9.7%倍升,该行料5G加快普及与企业收入增长可助力公司达标。

报告认为,今年来自监管的流动收费降价压力较低,流动数据费已降至十分大众化水平,即使5G计划较4G收费为高,随着向5G迈进,有效流动数据费将自然下降。竞争角度而言,管理层料焦点在网络质素及增值服务,如VR/AR,以开展5G服务。竞争料维持良性,电讯商在推广5G上依赖服务质素多於竞争。

此外,管理层过去指引今年股息稳定,由於首季势头良好,对向股东带来较佳回报持开放态度。管理层指将处置部分服务及业务,预期出售收益可抵销A股上市带来的每股分派摊薄影响。花旗维持予中电信「买入」评级,目标价3.6元。

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