大摩:維持中國電信(0728.HK)增持評級 目標價3.8港元
中國電信(0728.HK)發盈喜,預計今年上半年淨利潤175.76億元至178.5億元人民幣,按年增長26至28%。
摩根士丹利發表報告表示,由於去年第一季疫情導致的低基數影響,中電信第二季的純利及總收入增長稍較第一季有所放緩,但認爲集團仍能按進度達成全年純利及總收入雙位數字增長目標,該行維持中電信增持評級,目標價3.8港元,爲行業首選股份。
該行指,中電信宣佈上調其派息政策,派息比率由2020年的40%上調至今年的70%,報告預料中電信的現金流足以支持派息比率調升,估計2020至24年每股派息複合年增長率超過20%,2021年度股息收益率逾6%,並指公司管理層對股民的回報承諾令中電信現時價格更具吸引力。
中電信估計,上半年扣除非經常性損益後純利約160.66億至163.55億元人民幣,按年增長約11%至13%,營業收入約2136.06億至2184.17億元人民幣,按年增長約11%至13.5%。

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