《大行報告》中金降中移動(00941.HK)目標價至65元指增長及毛利率面臨挑戰
中金發表報告表示,預期中移動(00941.HK)今年上半年的收入將按年持平,錄3,899億元人民幣(下同)。當中,公司服務收入按年微跌0.9%至3,529億元。該行預計中移動上半年EBITDA將會按年下跌1.7%至1,434億元,純利將會面臨增長壓力,料按年下跌6.3%至615億元。
該行指,由於持續的網絡擴張,中移動營運成本不斷上升,因此相信其盈利能力將會因為收入增速放緩而受影響。即使推出「攜號轉台」,但仍預期中移動會在下半年面對溫和的競爭,而由於其用戶群龐大及ARPU較高,因此亦會面對較大風險。
另外,中金預期中移動將在2020年增加超過25萬個5G基站,進一步為毛利率及現金流帶來壓力,而在網絡推出後亦需要時間來開發5G商業用途,因此投資者應要耐心等待增長反彈。
中金表示,將中移動於2019及2020年的收入預測分別下調2%及3.2%,純利預測分別下調4.6%及5.7%,維持對其「中性」投資評級,目標價由原來的85元下調至65元,此相當預測今年企業價值對EBITDA的3.2倍,以反映對公司盈利增長及5G資本開支上升的憂慮。
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