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《大行報告》高盛微降三大中資電訊股目標價 股息及估值吸引評級「買入」
高盛發表報告指,投資者今年討論及關注的主要議題為,在私有雲及數字化項目預算受限等宏觀不利因素影響下,中國電訊行業可能出現增長放緩。但該行目前仍然認為,三大中資電訊股今年將保持穩定的現金流產生能力,利潤料按年增長約6%至11%,股息率達8%至10% ,估值亦將保持吸引力。 高盛維持對中國聯通(00762.HK)、中國移動(00941.HK)及中國電信的「買入」評級,認為即使在宏觀不利因素的影響下,三大電訊商仍將保持穩定增長,但基於最新行業數據及預測,微調三大電訊商目標價,中電信從5元降至4.9元,中移動從84元降至82元,中聯通從6.5元降至6.4元。 考慮到移動及固網業務增長放緩,該行將聯通2023至2025年收入及淨利潤預測亦下調1%至2%;中電信2024至2025年收入預測下調1%至2%,淨利潤預測下調1%至3%,至增長9%及8%。高盛並將中移動2024至2025年收入及淨利潤預測分別下調1%至4%及2%至4%,目前仍預測今明兩年淨利潤可達到6%及8%增長。
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