大行評級|里昂:上調對三大電訊商目標價 中國移動仍為首選
里昂預測中國三大電訊商去年下半年業績疲弱,受工業互聯網收入增長料由雙位數降至單位數影響。該行指,中國政府及企業在經濟疲軟下對信息科技開支更為謹慎,電訊商亦對雲項目更為選擇性以改善平均收益及現金流,該行指,三大電訊商削減資本開支及延長5G基站折舊年期以提振利潤及增加派息。
資本開支下降趨勢將持續,該行上調對三大電訊商目標價。當中,中國移動仍為首選,基於去年及今年股息率料有6%及7%,目標價從75港元上調至86港元,評級“跑贏大市”。中國電信及聯通今明兩年股息率在近期人工智能升市中降至5%及6%,但電訊商或不會實時從人工智能熱潮中受惠。該行將中國電信的目標價從5港元上調至6.2港元,聯通的目標價從7.5港元上調至9.5港元,評級均為“跑贏大市”。
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