《大行报告》瑞信上调中电信(00728.HK)目标价至6.2元 评级「跑赢大市」
瑞信发表报告,将中电信(00728.HK)目标价由3.88元上调至6.2元,维持评级「跑赢大市」。该行更新了对中电信2021/2022/2023年收入估计,料分别增长12%/8%/6%,而EBITDA预测增长10%/8%/8%,得益于其强大的移动和固网业务的支持。
瑞信预计,到2022年,中电信的资本开支与服务收入比率可能会下降到20%以下,比目标时间提前。同时相信灵活的频谱安排可以帮助中电信节省资本支出和运营成本,估计其总资本支出在2022年和2023年将分别下降2.3%和5.5%。
该行认为,中电信作为华南地区现有的固网运营商,拥有中国第一大IDC(互联网数据中心)容量,定位维持良好,相信可受惠内地加快推进新基建及数码化。
瑞信又指,中电信是其行业首选,因为集团未来3年(2021-2024年)EBITDA年复合增长率为6.8%,表现最快,且2021财年股息收益率达9%,2022/23年股息收益率料可达双位数。
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