《大行報告》大摩料中移動(00941.HK)第三季多賺逾4% 料聯通(00762.HK)純利升逾16% 首選中電信(00728.HK)
摩根士丹利發表研究報告,預期中國電訊行業第三季服務收入按年增速將從第二季的11.1%,放緩至約7%,但略高於首季的6.8%。該行預測,受惠於5G ARPU穩步上升及固網電話收入增長,行業第三季移動服務收入將增長3.1%,低於首季之3.3%及次季的6%。
該行估計,中國電信(00728.HK)第三季淨利潤料增長17%,中移動(00941.HK)及中聯通(00762.HK)則將增長4%及16%,均符合公司增長指引;而中國鐵塔(00788.HK)淨利潤料增長13%,由於塔類業務增長被兩翼業務放緩所抵銷,收入則將維持穩定在約7.2%水平。
在良性競爭背景下,三大電訊商市場份額相對穩定。大摩預計第三季中移動、中電信及聯通的服務收入將按年增長6.8%、7.3%及7%。該行同時認爲,監管和競爭環境良好,加上工業互聯網推動收入和盈利改善,網絡共享令5G資本支出可控等,電訊商前景向好。
大摩行業首選爲中電信,給予目標價3.8元,主要由於管理層承諾在未來三年內可保持雙位數盈利增長,並會將派息率從60%逐步增加到70%。該行又指,鐵塔未來6至12個月或要面對續約風險,予其目標價1.3元。
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