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《大行報告》富瑞:國資委研將市值管理納央企負責人業績考覈 激勵央企增派息及股份回購
富瑞發表研究報告指,國資委宣佈研究將市值管理列爲央企負責人的績效評估指標,是去年3月國企改革的進一步深化及升級,或更能鼓勵國企增加股票回購及派息,從而提高估值。 該行預期,相關政策對電訊行業有利,雖然去年12月份行業營收有所下降,但電訊商管理層去年已透露國資委希望他們將ROE當作衡量經營效率的指標,如今企業市值可能被納入關鍵績效指標,將可進一步激勵管理層進行派息及回購。 富瑞又指,國企同時亦需要優化經營、提高競爭力、改善信息披露和加強投資者溝通,預期3月份將公佈的全年業績中,投資者將重點關注派息表現。相信三大電訊商有能力向股東回報更多,目前預測中電信(00728.HK)的派息比率將從2023年的70%,上升至2026年的79%,中移動(00941.HK)料提升至76%,而中電信及中聯通(00762.HK)也可能跟隨中移動步伐,進行股份回購。
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