摩通:予中國聯通(0762.HK)增持評級 目標價9.5港元
摩根大通發表研究報吿指,中國聯通(0762.HK)日前公佈了第三季業績,整體服務收入持穩按年增長7%,固網服務增長快速但被偏弱的移動服務所抵銷。EBITDA加快增長,要歸功於嚴厲的成本控制,以及由於較低的財政成本和合資公司╱附屬公司的收入貢獻增加,而令集團盈利增長可觀。該行予聯通“增持”評級,目標價9.5港元。
報吿指,受惠於行業互聯網和寬帶業務快速增長,聯通第三季固網業務收入按年增速加快至12%,相較上半年僅錄8%的增速。在移動業務方面,聯通收入按年增速由上半年的7%放緩至第三季的3%,用户平均收入(ARPU)增速亦減慢至2%,但部分影響被用户量上升所抵銷。集團預料第四季移動業務收入將加快,並預期用户由4G遷移至5G將令ARPU維持在約10%的增長。
報吿又指,儘管聯通季內收入平穩增長,但EBITDA增速抬升至按年7%,這是由於嚴厲的成本控制。期內,員工福利和總務及管理支出分別僅按年上升4%和7%。而財政成本減少以及公司╱附屬公司的收入上升,帶動集團盈利增長。
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