《大行報告》瑞銀:內地電訊股盈利增長能見度提升 首選改為中移動(00941.HK)
瑞銀發表研究報告指,三大電訊商都已公布業績,次季三家公司服務收入按年增幅介乎6%至8%,符合預期;整體EBITDA增長2%至9%,增長低於服務收入,主要是由於員工成本及網絡投資成本較高,部分被疫情封城期間銷售費用下降所抵銷。撇除一次性項目後,中移動(00941.HK)、中電信(00728.HK)及聯通(00762.HK)期內淨利潤分別增長7.7%、12%和18.8%,符合全年增長指引。
而EBITDA和淨利潤表現均好於預期,該行指出,雖然投資者擔心新業務利潤率壓力,但相信現時行業競爭格局仍為理性,又指三家公司都對工業數字化業務前景充滿信心,並已將資本支出轉向該業務領域。
中移動及中電信的股價年初至今分別上升11%和10%,跑贏同期指數表現,預期至2023年底派息比率可達70%或以上,另外中移動可能會考慮進一步回購H股。
瑞銀維持對中國電訊行業的樂觀展望,考慮到工業數字化業務的快速增長及股東回報的潛在上行空間,將首選股改為中移動,予以「買入」評級,選股順序其次為中電信,看好工業數字化的領先優勢,同予「買入」評級;最後給予聯通「中性」評級。
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