一文了解券商於聯通(00762.HK)公布中期業績後最新評級、目標價及觀點
中國聯通(00762.HK)今早股價偏軟,最新報4.4元跌1.1%,券商指業績符合預期、分拆旗下公司上市影響正面。聯通昨公布截至今年6月底止中期業績,純利91.67億元人民幣按年升21.1%;每股盈利0.3元人民幣。公司啟動派發中期息每股0.12元人民幣,並計劃提高2021年度全年利潤派息率,具體幅度將綜合考慮利潤、現金流、未來資金需求及同業派息水平等因素。期內,營業收入錄1,641.74億元人民幣,按年升9.2%;其中上半年移動服務收入達821億元人民幣,增長7.3%。EBITDA為494.9億元人民幣,增長0.1%。
公司上半年移動出賬用戶淨增465萬戶,總量達3.1億戶,移動用戶ARPU為44.4元,升8.5%。公司5G套餐用戶達到1.13億戶,滲透率達到36.5%。全年用於5G資本開支計劃約為350億人民幣。公司亦公布,正考慮建議分拆智網科技於中國境內證券交易所獨立上市。智網科技於中國境內成立,現為聯通非全資附屬,專注於車聯網領域,業務包括智能連接、智能運營及智能應用。
【業績符預期 首派中期息】
匯豐研究發表報告指,聯通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港元微降至4.8港元。該行表示,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%,該行上調對聯通2021至2022年收入預測各2.5%至2.4%。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。
摩根士丹利表示,聯通第二季業績符合預期,司啟動派發中期息每股0.12元人民幣,並指會升全年派息率,兼且妐11司計劃分拆智網科技上市,相信均對公司股東影響正面,維持「增持」評級及目標價7元。
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本網最新綜合7間券商對其投資評級及目標價:
券商│投資評級│目標價(港元)
德銀│買入│7.5元
摩根士丹利│增持│7元
瑞銀│買入│7元
高盛│買入│6.5元
瑞信│跑贏大市│6.35元
野村│買入│5.3->5.5元
匯豐研究│持有│4.9->4.8元
券商│觀點
德銀│中期股息暗示今年有高個位數股息率
摩根士丹利│中期股息帶來積極驚喜及分拆附屬公司上市成催化劑
瑞銀│新業務投資持續,經營趨勢良好
高盛│次季盈利符合預期,下半年有望保持淨收入增長
瑞信│憧憬派息增加及附屬公司分拆成催化劑
野村│業績可持續增長,可帶動股息上升
匯豐研究│關注投資增長業務成本上升
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