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《大行報告》摩通:近期調整為吸納中資電訊股作長線投資良機 「增持」中移動(00941.HK)及中電信(00728.HK)
摩根大通發表報告指,在最近宣布阿里雲分拆計劃後,愈來愈多投資者對中資電訊商在阿里雲上市前潛在投資的猜測。 另國企改革方面,摩通指,在岸投資者預計電訊商會有更好的財務狀況和股東回報,但離岸投資者則傾向保持觀望。同時,投資者普遍喜歡中興(00763.HK)作為數字中國和6G參與者,但部分人因擔心制裁風險而有所保留。該行予中興H股「增持」評級,目標價31元。 另外,自5月初以來,中資電訊股作已調整8%至12%,原因包括年初至今升浪後回調、市場憂慮近期內地雲計算市場價格競爭。不過,摩通指,即使行業競爭加劇,中資電訊商仍維持全年雲計算收入目標不變。 該行認為近期股價調整是吸納並作長線投資良機。維持對中移動(00941.HK)及中電信(00728.HK)「增持」評級,目標價分別75元及5元。前者防禦性相對較高,股息率為8%,具吸引力。後者在營運商中擁有最廣泛的雲業務敞口。
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