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一文綜合券商於中移動(00941.HK)公布季績後最新評級、目標價及觀點
阿思達克 10-21 11:16
中移動(00941.HK)今早股價靠穩,摩根大通指公司季績好壞參半,指非營運項目強勁抵銷了移動業務疲弱的影響。公司昨(20日)收市後公布首三季業績。期內利潤872億元人民幣,按年升7%。營運收入6,486億元人民幣按年升13%;其中通信服務收入5,729億元人民幣,按年升9%。EBITDA為2,375億元人民幣,按年升10%;EBITDA率按年跌1.2個百分點至36.6%。 公司今年第三季EBITDA佔通信服務收入比41.5%。截至第三季移動客戶約9.56億戶,第三季淨增移動客戶1,020萬戶;5G套餐客戶3.31億戶,5G網絡客戶1.6億戶。首三季手機上網流量達908億GB,按年升39%,手機上網DOU((平均每月每戶手機上網流量)逾12GB。首三季移動ARPU為50.1元人民幣,按年增長2.6%。 【寬帶業務呈穩固 抵銷移動業務弱】 里昂認為,中移動季績亮點是旗下有線寬帶服務收入增長及良好成本控制,移動服務收入亦維持穩定增長,受惠於APRU因5G而獲得提升。該行指中移動有線寬帶收入增長動力應能維持,並在未來數年提振盈利及派息增長。該行維持中移動「買入」評級,目標價80元。 摩根士丹利指,中移動今年第三季度服務收入及EBITDA符合該行預期,淨利潤則勝預期4%,受惠於折舊及攤銷減少或非經營貢獻。該行指中移動旗下移動業務ARPU僅溫和增長不足1%,但由穩定的固網業務增長所抵銷。該行維持中移動「增持」評級及65元目標價。 野村認為,縱使基於ARPU及服務收入增長於第三季度如常地出現季節性轉弱,中移動仍在有線寬帶及移動ARPU維持收入上升趨勢。該行認為中移動仍處於今年財務及經營目標的軌道上,收入及利潤達致良好增長,5G網絡客戶數量目標看來亦可達到。該行維持中移動「買入」評級及67元目標價。 ---------------------- 本網最新綜6間券商對其投資評級及目標價: 券商│投資評級│目標價(港元) 瑞信│跑贏大市│85元 瑞銀│買入│80元 里昂│買入│80元 摩根大通│增持│76元 野村│買入│67元 摩根士丹利│增持│65元 券商│觀點 瑞信│季度收入及經調整淨利潤錄雙位數增長 瑞銀│季績略勝預期 里昂│增長動力改善,有線寬帶業務持續帶來正面驚喜 摩根大通│核心業務增長減弱由非經營項目抵銷 野村│有線寬帶及移動ARPU維持收入上升趨勢 摩根士丹利│固網業務穩固抵銷移動ARPU疲弱
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