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大行評級|高盛:予中國移動“買入”評級 維持在2026年達到75%派息率的目標
高盛發表研究報吿指,該行早前與中國移動舉行視像會議,主要討論息税折舊攤銷前盈利(EBITDA)利潤率動態、人工智能發展進展以及增長展望和指引。整體而言,中國移動保持2024年收入和利潤穩定增長的展望,原因是企業業務的研發和推廣增加,EBITDA利潤率將繼續呈下降趨勢,但折舊成本增長放緩有助支持穩定的淨利潤率趨勢。該行對公司目標價82.5港元,予“買入”評級。報吿指,公司全年指引不變,管理層在宏觀環境挑戰下,仍對維持穩定盈利增長充滿信心。報吿亦引述公司繼續預計資本支出強度將在未來2至3年內下降,亦維持在2026年達到75%派息率的目標。該行認為,較低的資本支出負擔加上穩定的業務增長,將繼續支持股息的逐步增長。
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