瑞信5G进展较预期快下调内地三大电讯股目标价
瑞信发表报告称,根据内地电讯行业数据显示,今年上半年固网业务收入按年升8.6%,惟宽频之每用户平均收入(ARPU)仍受压,平均收入跌3.5%,差过预期。为反映上述因素,该行下调三大电讯商今年度的收益预测,分别降中移动(00941.HK)、联通(00762.HK)及中电信(00728.HK)。
报告补充,5G基地收发机站(BTS)推出5个月,已代表三大电讯商可提高今年度较高端业务之指引50%。该行认为,意味内地5G发展加速,并达到全国覆盖的程度,惟相信中移动资本开支维持不变,但将联通及中电信明年资本开支预测分别升16%及10%。
与此同时,该行认为5G的变现能力仍是存疑,故基于收益下跌及资本开支上升,分别下调中移动、联通及中电信今年盈利预测2.2%、5.1%及6.8%,目标价相应调低至82.5港元、8.55元及3.88港元,维持中移动“跑赢大市”评级,而联通及中电信均为“中性”评级。
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