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《大行报告》汇丰研究下调数码通(00315.HK)目标价至8.6元和电(00215.HK)降至2.12元
阿思达克 06-11 10:50

汇丰研究发表的报告指,自香港电讯(06823.HK)在去年9月取消部分於2017年尾推的优惠後,无线电讯股反应强劲,不过该行认为反应太大、太快,现时和电(00215.HK)及数码通(00315.HK)在去年九月以来的升幅几乎已蒸发,而以MVNO形式提供服务的中国移动(00941.HK)及香港宽频(01310.HK)均未有跟随数码通电讯及和电加价,增加流动服务进一步降价的可能性。

该行指出内地在6月6日已确认5G发牌,但香港发牌前景仍未确定,现时港府在3.5GHz的频段中仅安排200MHz供营运商竞投,反观其他市场每家营运商最少可有100MHz,同时受卫星讯号干扰影响,香港的5G服务覆盖亦会受影响。另外该行认为在5G收入模式上亦有很大的不确定性,对短期收入贡献看法较审慎,而营运商亦有机会加快网络部署以赶上同业进度。

该行认为和电将受最大影响,因为在派发0.8元特别息後,该行提升了对公司中期资本开支预测的估算,意味折旧将较高而净利则会较少,目标价由3.24元降至2.12元,评级「持有」,而数码通目标价则由9.6元降至8.6元,评级「持有」。

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