瑞信:重申中國聯通(0762.HK)優於大市評級 目標價6.35港元
瑞信發表研究報吿指,中國聯通(0762.HK)上半年收入及純利增長強勁並勝預期,但由於加大對大數據和雲計算等新興產業的投資,EBITDA只輕微上揚,利潤率更下降2.8百分點。對比內地另外兩家電訊公司,聯通的固網收入及服務總收入是當中最慢的。但該行強調,聯通的股值吸引,加上移動ARPU是三家電訊公司中最快復甦,因而重申其優於大市評級,目標價維持6.35港元。
報吿指,包括聯通的三家電訊公司均承諾上調派息,聯通更首次派發中期股息。儘管聯通沒有絡出具體的全年支出增量目標,但依然承諾支出率較過去3來提升超過40%。
對於聯通建議分拆智網科技A股上市,報吿認為,聯通目前0.35倍的市帳率非常低,透過讓更多子公司獨立上市,可令市場更瞭解聯通除了傳統通訊外的其他業務,並得以釋放其資產價值。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.