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富瑞中移动(0941.HK)资本开支不庞大助稳定派息惟削目标价
格隆汇 08-09 12:30

富瑞发表研究报告表示,中移动(0941.HK)上半年盈利按年下跌14.6%至560亿元(人民币.下同),符合该行预期,但较市场预期低17%,不过,公司过去一个月股价累跌9%,已反映疲弱的业绩表现,而管理层亦确认未来数年资本开支不会庞大,证明市场此前忧虑属错误,该行相信将有助保持全年每股派息稳定,但认为短期内仍缺乏正面催化剂。该将维持中移动“买入”评级,而目标价则由92.09港元,下调2.3%至89.93港元。

该行指,中移动表示今年资本开支(包括5G)达1660亿元,轻微低于去年的1671亿元,与管理层于3月时公布一致,当中5G资本开支增加至240亿元。更重要的是,中移动表示2022年为5G资本性投入的高峰期,但相信未来数年整体资本开支不会有重大上升。

富瑞又认为,下半年行业移动电话收入将会回复正增长,预期下半年中移动服务收入、EBITDA及盈利按年分别增长8.1%、6.1%及10.6%。

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