《大行報告》瑞銀上調中電信(00728.HK)目標價至4.5元 評級「買入」
瑞銀發表的研究報告指,中國電信(00728.HK)上半年業績重點在於其正面指引,管理層期望未來兩、三年收入及淨利錄雙位數增長,並將資本開支佔收入比降至低於20%,公司上半年淨利按年升27%,服務收入按年增9%表現強勁,而EBITDA增長略降至5%,因公司繼續投資於人才、5G應用、網絡等以應付長遠增長。
在ARPU方面,表現亦令人鼓舞,期內流動ARPU按年升3%,管理層相信5G將繼續拉動未來兩、三年的ARPU表現。基於行業監管壓力有限,中電信現價較歷史平均值低超過1個標準差,相信公司價值維持吸引,重申「買入」評級,目標價由4.15元升至4.5元。
該行指出,在分析員會議上公司透過上半年5G用戶增加4,500萬,估計下半年將再增3,500萬戶,雖然5G消費者領域未似會加快,但企業應用增長應較快,同時產業數字化業務在未來兩三年亦將擴張。另外,上半年公司銷售、一般及行政成本快速上升,因研發等開支提升,不過管理層料相關開支全年增速將低於收入增長。
該行稍為上調其盈利預測,以反映管理層的指引,現時估計2022年淨利將增長12%,而2023年增速將減慢至6%,但今年派息比率則升至60%,而三年內派息將增至70%。(el/u) ~
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