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星展:予中移動(0941.HK)買入評級 目標價68.6港元
格隆匯 01-26 15:59

星展近日發研報指,中移動(0941.HK)母公司宣佈將進一步斥資30億至50億元人民幣增持中移動A股,以早前收市價計佔A股流通量約0.25%至0.4%,增持將穩定A股價格,預計對H股股價反應中性。

由於中移動5G業務營運成本較高,市場擔憂業務盈利能力。該行認為,隨着5G普及率提高及地方政府提供租金與電費補貼等以鼓勵5G投資,預期盈利能力將會提高。星展預計,中移動2022財年5G業務滲透率將從去年的41%提升至61%,從而推動移動ARPU,令業務盈利能力有所改善。

該行指,考慮到中移動2022至2023財年資本開支預算穩定,加上同業中電信(0728.HK)股息增加,預計中移動將在2023財年將派息率逐步提高至70%,派息比率料達9%,股息上漲將成為觸發股價重估的積極催化劑。星展對中移動給予“買入”評級,目標價68.6港元。

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