富瑞予中国移动(0941.HK)买入”评级惟目标价调低11.5%至92.09港元
富瑞发表研究报告指,中移动(0941.HK)派息比率较资本开支更重要,该行相信上半年派息比率增至52%,全年股息每股3.262港元,按年升1.4%。该行予其“买入”投资评级,目标价由104.11港元,调低11.5%至92.09港元,以反映用户及平均每月每户收入(ARPU)下跌。
富瑞预期,因应去年上半年的高基数效应,中移动今年上半年服务收入、EBITDA及净利润分别会录1.8%、6.9%及15.5%跌幅。富瑞估计公司在去年7月取消数据漫游费后,将于下半年转趋正面增长,惟未来数年在用户增长放缓及ARPU较低下,该行将未来数年盈利预测略为调低。该行提到,只要市场对公司慷慨的派息政策有明确指引,盈利负增长将不会影响公司股价表现。
另外,该行将中移动今年5G的资本开支预测由120亿元(人民币,下同)调升至250亿元,不过4G资本开支预测由680亿元降至620亿元,令全年总资本开支微升4.5%至1690亿元,明年预测则未有改变,维持于1650亿元。
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