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《大行報告》富瑞微升聯通(00762.HK)目標價至7.66元 評級「買入」
富瑞發表研究報告指,聯通(00762.HK)去年第四季淨利潤按年跌26%至10.78億元人民幣,較市場預期低出13%,相信是由於部分市場分析未有將折舊增加的因素計算在內,撇除稅後折舊影響約17.6億元人民幣的,該行估算其第四季淨利潤按年增長89%。 在ARPU輕微提升及用戶增長的帶動下,聯通全年移動收入增長3.7%。富瑞指,去年下半年數據用量增長較為緩慢,相信是由於疫情因素影響,預期增長今年將有所恢復,並會推動移動業務收入上升。 公司預測今年資本開支將增至769億元人民幣,相當於按年升3.5%,並較富瑞預期高2.5%,大部分來自於對雲端投資的增加,以及IDC機架建設的投入,相信聯通資本開支預算對中興通訊(00763.HK)亦有利。 考慮到盈利及每股派息超出預期,富瑞上調對聯通未來幾年EBITDA及純利預測,目標價由7.65元微升至7.66元,評級為「買入」。
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