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《大行報告》《大行報告》匯豐研究上調中電信(00728.HK)目標價至4元 評級「買入」
阿思達克 08-11 11:00
匯豐研究發表報告指,中國電信(00728.HK)上半年收入按年升13%,較該行預測高6%,並較市場預測高7%,主要受惠產業數字化業務,期內經調整淨利按年升17%,相信公司全年淨利雙位數增長的目標在正軌上,而該行則預期全年增長可達10.4%,將其目標價由3.8元升至4元,維持「買入」評級,認為派息增長有改善。 該行指出上半年中電信各個分部均有增長,其中產業數字化業務按年增長16.8%,其全年增長20%或以上的目標仍在正軌上,流動、寬帶及智能家居增長則維持強勁。期內5G套餐用戶佔比達到36%,而智能家居服務亦增33%,現時貢獻固網ARPU的15.8%。在成本方面,期內經營開支反映了5G網絡擴張的影響,以及疫情緩和後營銷開支提升,而人工成本升11.8%主要反映人工增幅及聘用新人應付產業數字化的增長。 公司上半年資本開支值270億元人民幣(下同),而全年指引則為870億元,主要因為芯片短缺影響到5G基站供應,公司指相關問題已解決,另外在3.5GHz方面招標亦有所延遲。公司估計下半年可達到其資本開支指引,以及到年底有70萬個5G基站的目標。該行認為下半年公司股價勢頭應強勁,一方面受惠產業數字化增長料加快,加上派息政策轉變,料今年派息比率將不低於60%,到2023年相關比率將增至70%,並將於2022年起派中期息,配合A股IPO相信將令股份更吸引。(el/s) ~
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