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《大行報告》里昂:中移動(00941.HK)股息率仍最高 行業首選
里昂發表報告指,內地電訊股將於下周開始公布去年業績。在工業數字化業務穩健增長和移動服務穩定增長的推動下,預計總服務收入將保持4至6%的按年增長。 當中,中移動(00941.HK)的DICT(Data Technology、Information Technology、Communication Technology)業務收入可能增長最快。然而,中聯通(00762.HK)工業互聯網業務增長可能會放緩,以控制應收賬款。 隨著國資委將市值作為新的KPI,中國電信企業將更加注重股東回報。中移動和中電信將去年的派息比率提高至70%,而中聯通則提高至54%。中移動仍是該行首選,因股息率在同業屬最高水平及將最可持續,達到7%以上,其次是中電信(約6.5厘)、料聯通提供6.4厘股息率。該行略微調整對中移動、中電信、聯通預測,但評級及目標價不變。 里昂維持中移動「買入」評級及目標價75元、維持中電信「買入」評級及目標價5元、維持聯通「買入」評級及目標價7.5元。
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