中金降中国电信(0728.HK)目标价至4.1港元资本开支影响市场信心
中金公司发表报告表示,将中国电信(0728.HK)目标价由4.6港元,下调11%至4.1港元,预期资本开支上升将影响市场信心,维持“中性”评级。
报告表示,南韩推出5G服务后,5G每用户平均收入出现明显增长,但中国运营商首先要面临的是资本开支压力。中国电信计划在2019年投资约90亿港元用于5G,考虑到5G牌照提前发放,预计中国电信的5G资本开支将超出其计划,并在2020年大规模铺开时大幅增长,这会影响其现金流。
报告又预计,中国电信今年上半年净利润增长2.3%,收入同比持平,并维持2019和2020年盈利预测。
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