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一文綜合大行於中移動(00941.HK)公布首季績後最新目標價及觀點
中移動(00941.HK)今早股價隨大市偏軟,市場亦關注公司未來利潤率會受壓。瑞銀表示中移動首季整體業績符合期,純利按年升6.5%低於該行原預期1.3%,主要是D&A(折舊與攤銷)支出較高,料投資者反應中性,並估計公司將開展H股股份回購。 公司昨晚(21日)公布今年第一季度業績,營運收入2,273億人民幣按年增加14.6%;其中,通信服務收入1,938億人民幣增加9.1%。錄得純利256億人民幣,增長6.5%,每股盈利1.2元人民幣。EBITDA增長5.6%至761億人民幣;EBITDA率由上年同期36.3%降至33.5%。 截至3月止,中移動旗下移動客戶總數約9.67億戶,其中,5G套餐客戶總數達4.67億戶,5G網絡客戶總數2.33億戶。第一季度,流量業務保持良好增長態勢,手機上網流量增加20.7%。 【季績符預期 關注利潤率】 花旗發表報告表示,受惠移動業務穩定,固定寬帶服務強勁,中移動首季收入增長符預期,惟淨利潤增長低於預期。隨著5G大規模營運發展及要對DICT(指Data Technology、Information Technology、Communication Technology)業務進行投資,預計未來幾個季度利潤率壓力將繼續存在。該行下調對中移動2022年至2024年純利預測各8.6%、10.4%及12.3%,維持對中移動「買入」評級,惟將其目標價由74.7港元下調至70港元。 瑞信表示,中移動首季純利低於該行原預期6.1%,指服務收入則符合預期,指公司去年對2G設備進行大量的撥備,估計影響會延續至2022年第二季,但料之後情況將可消除。而該行指中移動今年首季折舊與攤銷按年升6.3%,高於同業僅升3%水平,維持對其「跑贏大市」評級及目標價80.9元。 -------------------------------------------- 下表列出5間券商予其評級及目標價: 券商│投資評級│目標價(港元) 瑞信│跑贏大市│80.9元 瑞銀│買入│80元 野村│買入│72->73元 花旗│買入│74.7->70元 摩根士丹利│增持│70元 券商│觀點 瑞銀│首季服務收入和EBITDA增長高於預期,但淨利潤低於預期 野村│輕微上調2022年至2023年盈利預測 花旗│首季淨利潤增長遜預期,料未來幾個季度利潤率承壓 摩根士丹利│首季服務收入、EBITDA及淨利潤均符預期
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