《大行報告》瑞信上調中電信(00728.HK)目標價至6.2元 評級「跑贏大市」
瑞信發表報告,將中電信(00728.HK)目標價由3.88元上調至6.2元,維持評級「跑贏大市」。該行更新了對中電信2021/2022/2023年收入估計,料分別增長12%/8%/6%,而EBITDA預測增長10%/8%/8%,得益於其強大的移動和固網業務的支持。
瑞信預計,到2022年,中電信的資本開支與服務收入比率可能會下降到20%以下,比目標時間提前。同時相信靈活的頻譜安排可以幫助中電信節省資本支出和運營成本,估計其總資本支出在2022年和2023年將分別下降2.3%和5.5%。
該行認為,中電信作為華南地區現有的固網運營商,擁有中國第一大IDC(互聯網數據中心)容量,定位維持良好,相信可受惠內地加快推進新基建及數碼化。
瑞信又指,中電信是其行業首選,因為集團未來3年(2021-2024年)EBITDA年複合增長率為6.8%,表現最快,且2021財年股息收益率達9%,2022/23年股息收益率料可達雙位數。
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.