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《大行報告》瑞銀升三大中資電訊股目標價 首選中電信(00728.HK)
瑞銀發表研究報告指,年底促銷底導致內地電訊商服務收入增長放緩,去年第四季服務收入預期增長5.9%,對比第三季增幅為7.2%;移動服務收入預料增長1.8%,亦低於第三季的3%。 該行認為,EBITDA利潤率穩定,帶來穩定的盈利增長,預計行業第四季EBITDA將按年增長5.1%,淨利潤料增長4.5%,其中中移動(00941.HK)已實現全年有利增長指引,第四季增幅相對較低;中國電信(00728.HK)及聯通(00762.HK)淨利潤預期增長維持穩定,分別達17%及15.5%。 瑞銀估計,今年內地電訊行業的資本支出將按年增長6.3%,自5G推出以來,當局對5G資本支出的立場保持為「適當提前」不變,認為5G應用要提升,才可帶動5G網絡部署加速。 派息方面,中電信宣布派息比率將逐步提高至2023年的70%。該行預期中移動亦會仿效,提升至2023年的60%。至於聯通自由現金流較同行少,將限制派息提高空間。 瑞銀將中國電信繼續列為首選,認為隨著基本面進一步改善,電訊商將有更大的靈活性來提高股東回報,中電信目標價由4元提升至4.4元,中移動目標價由60元提升至75元,評級同為「買入」;聯通目標價亦由4元提升至4.4元,評級維持「中性」。
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