《大行報告》匯豐研究下調聯通(00762.HK)目標價至4.8元 評級「持有」
匯豐研究發表研究報告指,中國聯通(00762.HK)上半年純利按年增長21%,由於期內新業務投資成本較高,EBITDA按年表現持平,給予「持有」評級,目標價由4.9元微降至4.8元。
報告指,上半年移動業務表現有所恢復,由去年的按年持平回復至上半年收入升7.3%。該行表示,相信經歷價格管制後,行業最壞時間已過去,4G逐步轉移5G支持上半年ARPU按年增長8.5%。
該行將2021至2022年收入預測上調2.5%至2.4%,並將EBITDA預測上調0.8%及0.3%。對於聯通上市後首次宣派中期股息,並計劃提升全年派息率,該行表示影響正面,惟全年派息比率上升幅度則要待明年3月確認。
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