《大行报告》中金降中移动(00941.HK)目标价至65元指增长及毛利率面临挑战
中金发表报告表示,预期中移动(00941.HK)今年上半年的收入将按年持平,录3,899亿元人民币(下同)。当中,公司服务收入按年微跌0.9%至3,529亿元。该行预计中移动上半年EBITDA将会按年下跌1.7%至1,434亿元,纯利将会面临增长压力,料按年下跌6.3%至615亿元。
该行指,由於持续的网络扩张,中移动营运成本不断上升,因此相信其盈利能力将会因为收入增速放缓而受影响。即使推出「携号转台」,但仍预期中移动会在下半年面对温和的竞争,而由於其用户群庞大及ARPU较高,因此亦会面对较大风险。
另外,中金预期中移动将在2020年增加超过25万个5G基站,进一步为毛利率及现金流带来压力,而在网络推出後亦需要时间来开发5G商业用途,因此投资者应要耐心等待增长反弹。
中金表示,将中移动於2019及2020年的收入预测分别下调2%及3.2%,纯利预测分别下调4.6%及5.7%,维持对其「中性」投资评级,目标价由原来的85元下调至65元,此相当预测今年企业价值对EBITDA的3.2倍,以反映对公司盈利增长及5G资本开支上升的忧虑。
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