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《大行報告》瑞信維持三大中資電訊股「跑贏大市」評級 首選中電信(00728.HK)
瑞信發表報告,指與三大中資電訊商會面後,得到的信息指引相似,都預計上半年的強勁勢頭延續到下半年,競爭維持穩定,每用戶平均收入(ARPU)正在恢復,並看到雲業務的巨大增長潛力。 瑞信估計潛在的電價上漲將影響EBITDA利潤率0.3至0.4個百分點,純利則料受2%至5%影響。聯通(00762.HK)將受到最大的衝擊,但總體而言,與三家中資電訊商的高個位數到兩位數的純利增長相比,影響仍然可控。 瑞信指,已經將中移動(00941.HK)、中電信(00728.HK)、聯通今年盈測各降1%,明年則分別降2%、3%及5%,以反映潛在的電價上漲,由於造成的財務影響很小,因此中電信、聯通H股目標價分別保持在6.1元及6.5元;而中移動目標價則由85元輕微下調至84.9元。 另外,由於內地電訊行業基本面繼續改善,估值低迷,未來最少兩至三年競爭仍溫和,亦受惠於內地數碼化潮流,維持三大中資電訊商「跑贏大市」評級,首選中電信,其次是中移動,然後聯通。
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