《大行報告》花旗下調和記電訊香港(00215.HK)目標價至1.23元 評級「中性」
花旗發表研究報告表示,和記電訊香港(00215.HK)今年中期由盈轉虧,錄得虧損9,600萬元,遜於市場預期,表現令人失望。業績公布後公司股價下跌約15%,亦反映投資者的失望情緒。
該行指出,和記電訊香港錄得虧損主要是由於期內收入按年下跌10%,以及折舊攤銷費用高於預期所拖累,預計來自宏觀經濟疲軟及市場競爭為盈利增長帶來壓力。
但花旗指出,雖然和記電訊香港業績令人失望,但公司現時企業價值對EBITDA比率達3倍,股息回報率為約6%,可能為股價提供支持,另外港府或縮短入境隔離期,預期有助於漫遊業務復甦,因此維持對和記電訊香港「中性」評級,對其2022至2024年盈利預測各下調102%、70.7%及65%,料2022年將錄虧損400萬元(原預測錄純利1.88億元),該行對和記電訊香港目標價,由原來1.26元下調至1.23元,相當於企業價值對EBITDA的2.2倍。
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