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《大行报告》瑞银现况下5G牌照不会加快资本开支对铁塔(00788.HK)5G步伐影响有限
阿思达克 06-04 11:38

瑞银发表研究报告指,内媒报道内地政府快将发放5G商用牌照,较预期於今年第四季发放为早,以及市场普遍视5G扩建将加快。该行过往一直强调5G是受中央极度重视,以及该行对2020年度预测5G资本开支亦较市场为高。但由於美国对华为的长期制裁,可能影响其生产具竞争力的5G设备,而没有华为的广泛参与,内地5G扩建亦有机会减慢。因此,现况下发放5G牌照,不会是加快内地资本开支的催化剂。

但报告指,5G资本开支减慢对内地电讯商是正面,因可改善短期现金流及盈利,以及由於设备成本减少,亦有助投资回报。中资电讯营运商对5G扩建及华为事件已持有谨慎态度,现时仍认为中移动(00941.HK)於波动市况环境中是理想的选择,因其估值低及盈利能力有好转的可能性,给予目标价94元,评级「买入」。

该行又指,5G步伐对中国铁塔(00788.HK)影响有限,因营运商仍需要投入4G设备开支去应付强劲数据增长,而5G步伐减慢亦会见到较良好的现金流产生。再者,电讯商的盈利压力减低,可能会较少动力去部署大幅度的租赁成本节省措施,如:网站合并等。瑞银对中国铁塔的主要关注仍然是其估值不吸引,其2019年度EV/EBITDA(企业价值倍数)为8倍,故予评级「中性」。

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