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大摩重申香港电讯(6823.HK)“增持”评级目标价14.5港元
格隆汇 08-08 15:08

大摩发表的报告指,香港电讯(06823.HK)中期业绩大致符合预期,当中服务收入、EBITDA及派息分别增1%、2%及3%,而宽频及流动业务均见ARPU提升,本地企业业务方面的增长更达12%,重申对公司“增持”评级,目标价14.5港元。

该行指出上半年公司服务收入按年增1%至138亿,主要受电讯服务及流动服务增长带动,表现大致符合该行预测。期内,宽频及本地企业业务为电讯服务增长提供贡献,当中受惠家居宽频解决方案等推动,宽频ARPU按年增3.2%。企业服务方面则受惠大型企业及政府数码转型和云解决方案的强劲需求带动。公司相信下半年企业业务的高增长仍能维持,认为整合对行业而言亦属正面,相信业内人士将更多聚焦於服务质素及创新,而非价格层面。

在流动业务方面,香港电讯後付ARPU按年增长2%,主要受高端品牌1010用户基础扩张所带动,而流动後付用户流失率亦企稳在1%水平。数据漫游收入按年增长4%。虽然面对宏观环境挑战,但公司相信其业务仍可维持弹性。

在5G业务方面,香港电讯相信频谱底价合理,对行业发展正面,公司计划在2020年第二季推5G服务,将透过非独立组网(NSA)方式配合现有4G网络推行,管理层重申其资本开支与销售比例低於10%,将平衡5G投资及其经调整资金流增长目标。

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