《大行報告》大摩上調中電信(00728.HK)目標價至3.8元 評級「增持」
大摩發表研究報告,預期中電信(00728.HK)2020-24年派息年複合增長率可達20%以上,今年股息率估計亦可錄7%以上,主因盈利增長,與派息比率改善所致。管理層確保股東回報,令其估值吸引,列為行業首選,目標價由3.5元升至3.8元,評級「增持」。
該行預期2020-23年純利年複合增長率超過8%,主因服務收入年複合增長料有7%帶動。移動用戶方面,受惠經營環境改善,料公司與行業一同復甦。固網方面則有5G和雲服務支持。隨著中移動爭取市場份額的積極性下降,中電信寬帶服務亦回復增長。
該行又指,公司目前派息政策為歷史最佳,管理層公布將派息比率由2020年的40%,升至今年的60%,A股上市首三年進一步增至70%。而未來資本開支主要視乎需求帶動,,計入與聯通合作建設基站,相信自由現金流足夠支持派息有餘。
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