《大行報告》瑞銀上調中移動(00941.HK)目標價至80元 評級「買入」
瑞銀發表的研究報告指,中國移動(00941.HK)上半年業績好過預期,淨利按年升6%,而市場對其全年增長預測僅4%,如不計及80億元人民幣的資產撇賬盈利增長更高達11%。該行認為次季勢頭較首季加快,其中淨利按年增8.5%,而首季增長僅2.6%,管理層估計受惠5G滲透提升、DICT及家庭業務增長強勁,中期收入及淨利將有健康增長。考慮到中國電信(00728.HK)亦有強勁表現,相信中移動上半年勢頭有望維持,加上現時估值處低位(較歷史平均市盈率低2個標準差),相信經營表現改善的因素未反映在估值上,維持「買入」評級,目標價由76元升至80元。
該行指出,分析員會議上管理層指出回A進度在正軌上,並估計可在年底前完成,雖然部分DICT項目於6月份有調整,但影響輕微而上半年的月度收入增長維持穩定。期內固網寬帶ARPU升15%,主要受惠頻速升級、新媒體內容及智能家居產品。該行提升了對其EBITDA及淨利預測,以反映基礎盈利趨勢好過預期。
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