《大行報告》摩通升中電信(00728.HK)目標價至5元 被市場嚴重低估
摩根大通發表研究報告,指中國電信(00728.HK)管理層預期未來兩至三年收入及純利將有雙位數增長,資本開支與銷售比率將降至20%以下,而淨利潤及股本回報率最少達至平穩。該行估計基於新的派息政策,公司股息率將達7%,估值僅相當於預測市賬率0.5倍,相信其被市場嚴重低估,僅及其即將上市A股(601728.SH)的一半,將其2021及2022年盈利預測分別升15%,目標價由4.5元升至5元,以反映近期勢頭強勁及管理層指引好過預期,維持「增持」評級。
該行指出公司A股定價每股4.53元人民幣(下同),籌最少470億元並引入20名戰投,如華為、深信服(300454.SZ)及B站(09626.HK)等,留意到公司近期對投資者更友善,並將今年派息比率提升至60%或更高,到2023年相關比率將升至70%或以上,反映今年股息率將達7%,水平吸引。
在流動服務方面次季收入按年升8.3%,升幅與首季類似,而流動用戶按年增5.5%,ARPU亦按年升2.5%,期內5G滲透率達到36%,較去年底的25%有所提升。雖然5G ARPU由去年的66元降至57元,不過主要是因為其服務擴展至大眾化市場,相信用戶由4G轉向5G對ARPU亦有提升作用,管理層預期5G將繼續於未來兩至三年帶動ARPU表現。
次季公司固網收入增長達9.4%,而產業數字化收入增長則達20%,收入貢獻達25%,公司亦調整全年增長指引至逾20%。上半年寬帶收入按年增長8%屬穩固。
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