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《大行報告》瑞銀現況下5G牌照不會加快資本開支對鐵塔(00788.HK)5G步伐影響有限
阿思達克 06-04 11:38

瑞銀發表研究報告指,內媒報道內地政府快將發放5G商用牌照,較預期於今年第四季發放為早,以及市場普遍視5G擴建將加快。該行過往一直強調5G是受中央極度重視,以及該行對2020年度預測5G資本開支亦較市場為高。但由於美國對華為的長期制裁,可能影響其生產具競爭力的5G設備,而沒有華為的廣泛參與,內地5G擴建亦有機會減慢。因此,現況下發放5G牌照,不會是加快內地資本開支的催化劑。

但報告指,5G資本開支減慢對內地電訊商是正面,因可改善短期現金流及盈利,以及由於設備成本減少,亦有助投資回報。中資電訊營運商對5G擴建及華為事件已持有謹慎態度,現時仍認為中移動(00941.HK)於波動市況環境中是理想的選擇,因其估值低及盈利能力有好轉的可能性,給予目標價94元,評級「買入」。

該行又指,5G步伐對中國鐵塔(00788.HK)影響有限,因營運商仍需要投入4G設備開支去應付強勁數據增長,而5G步伐減慢亦會見到較良好的現金流產生。再者,電訊商的盈利壓力減低,可能會較少動力去部署大幅度的租賃成本節省措施,如:網站合併等。瑞銀對中國鐵塔的主要關注仍然是其估值不吸引,其2019年度EV/EBITDA(企業價值倍數)為8倍,故予評級「中性」。

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