《大行報告》匯豐研究下調香港寬頻(01310.HK)目標價至17.6元評級「買入」
匯豐發表研究報告指香港寬頻(01310.HK)上月21日建議採納共同持股計劃III Plus,為投資者提出潛在增長指引。匯豐料其可供分派的每股經調整可用現金於三個財政年度(按累積基準)達2.67元,高於啟動計劃的門檻2.53元(上限為3.03元)。報告稱,投資者與員工之間利益高度相關,屬該行喜好香港寬頻的原因。
報告表示,香港寬頻多達22%的員工可參與計劃。任何合資格員工透過計劃受託人於市場上認購股份支付的金額,須(A)等於或超過該員工年度薪酬的六分之一;及(B)不多於該員工年度薪酬的兩倍。倘計劃以最大程度執行,則料帶來2.91%的股權攤薄。
匯豐稱,香港寬頻的重大計劃,在於讓匯港電訊(WTT)重拾增長,及在合併業務中取得協同效應。該行料經營開支上的協同效應在2020年8月底止財政年度展現,並等待觀察公司在實現銷售增長上的更新資料,以及相對於以往專注中小企,其擴大向大企業提供服務。匯豐稱,亦注意消費市場發展,香港寬頻稱,已恢復顧客增長及未來三年爭取達到100萬名客戶。
報告調整香港寬頻未來經營開支預估,以反映對匯港電訊經營開支及潛在協同效應的了解增加,以現金流折現率計,予目標價相應由18.3元降至17.6元,惟經營開支增加的影響,被廣告及市務開支下降所部分抵銷,維持「買入」評級。
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