瑞銀:維持中國移動(0941.HK)買入評級 目標價80港元
瑞銀髮表研究報吿指,中國移動(0941.HK)第三季淨利增長8.7%,略高於上半年的6%,並高於市場預期。期內,服務收入增長略為放緩至7%。由於持續投資於5G網絡及研發人才培養支出增加,其EBITDA按年增長6%。該行指,中移動2022年度現價市盈率為7倍及提供7.4%股息收益率,而集團每股盈利將會有中至高單位數增長,維持其“買入”評級,予目標價80港元。
該行表示,集團的移動ARPU在第三季大致持平,而固定寬帶ARPU則下降。至於用户增長方面,固定寬帶用户按年增長15%,而移動用户按年增長1%。5G網絡滲透率持續改善,5G客户達1.6億户,而全年目標價為2億户。期內銷售費用持續下降,集團預期全年銷售費用佔服務收入的百分比將會下降。此外,全年指引不變,管理層預期利潤增長良好。
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