You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》大和下調中移動(00941.HK)目標價至79.6元評級「跑贏大市」
阿思達克 07-10 10:48

大和發表研究報告,指近期行業數據及發展反映中移動(00941.HK)正面對的收入及資本開支風險加劇,並高於該行原先預期。大和下調其目標價,由89.8元降至79.6元,評級「跑贏大市」。

報告稱,該行最新電訊行業收費調查反映,在一年之前大幅降價後,行業收費已穩定下來。不過,本年至今,中移動月度用戶數據使用仍疲弱,或顯示中移動今年首季面對的收入挑戰將延續至第二季。近期監管當局報告亦確認有關憂慮,工信部指今年首五個月行業收入增長放緩至按年僅升0.3%,較首季增長1%放慢。因此,大和下調中移動上客預測及每月每戶平均收入(ARPU)預測後,降其2019至2021年各年流動服務收入預測分別1.6%、2.7%及3.2%。

同時,大和表示,中移動資本開支或對利潤率構成更大風險。中移動在近期舉行的MWC(上海)大會,披露計劃在今年底或之前,透過動用逾5萬個基站推出商用5G。這較中移動先前4月時提及的3萬個5G基站為多。該行稱,也許更重要的是,中移動計劃在明年底或之前,達至省級的覆蓋水平,意味其資本開支前景仍未明朗。大和上調中移動2019至2021年資本開支預測介乎2%至10%,以反映5G推出時間表加快。

該行下調中移動2019至2021年每股盈測介乎2%至9%,以反映下調收入預測及資本開支預測上升。報告補充,中移動現價相當於過去十六年企業價值對EBITDA比率均值折讓28%,估值十分吸引。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account