一表綜合大行對中移動(00941.HK)績後最新目標價及觀點(表)
中移動(00941.HK)今日早市股價上揚近3.9%收65.5元。該公司昨日(8日)中午公布今年上半年業績,純利按年跌14.6%至561億元人民幣(下同),接近本網綜合8間券商預測下限555.51億元。公司中期EBITDA按年增長3.6%至1,511億元,高於本網綜合8間券商預測中位數1,485億元。營運收入按年跌0.6%至3,894億元,接近本網綜合8間券商預測上限3,898.81億元。每股中期派息1.527港元,派息率49%。中移動指全年派息將充分考慮業績情況,力爭全年每股派息保持平穩。
【承諾維持穩定派惠】
公司上半年移動用戶數約9.35億,按年增長3.2%;收入按年跌6.8%至2,890.49億元;移動業務平均每月每戶收入按年跌10.2%至52.2元。公司上半年資本開支按年升7.2%至852億元,計及5G投資,全年料不超過1,660億元,去年全年錄1,671億元。公司預算今年將建設逾5萬個5G基站,分布在50個城市,投資約240億元。
摩根士丹利指,中移動第二季服務收入、EBITDA、純利按可比基準下分別按年跌2.1%、4.6%及18.2%,純利表現遜預期14%。公司移除今年服務收入有可觀增長和盈利穩定增長目標,預期下半年跌幅改善,亦調低今明兩年每股盈利降分別9%及4%,但相信派息可維持。該行指,雖然中移動盈利增長預期下跌及無增派息預期,5%的股息率仍可構成一定支持,該行維持對中移動「跑輸大市」評級,將目標價由70元降至65元。
本網最新綜合15間券商對其投資評級及目標價:
券商│投資評級│目標價(港元)
美銀美林│買入│102元野村│買入│96元
Jefferies│買入│92.09元
里昂│跑贏大市-買入│87元瑞銀│買入│85元
瑞信│跑贏大市│82.5元-85元高盛│中性│83元
花旗│買入│95元-82元
匯豐環球研究│持有-買入│77元-81元
大和│跑贏大市│79.6元
國泰君安國際│中性│77元
摩根大通│增持-中性│90元-70 元
摩根士丹利│減持│70元-65元中金│中性│65元
瑞穗│跑輸大市-中性│63.3-65元券商│觀點
美銀美林│改變派息政策屬利好
野村│增長疲弱,但派息指引轉佳
Jefferies│業績遜預期,派息令人失望
里昂│中期業績差,移動業務面對沉重下行壓力
瑞銀│中期業績失望,但最壞時間或已過
瑞信│營運表現疲弱,但資本開支有正面驚喜
高盛│中期純利在收入持平及資本開支上升下減少
花旗│收入疲弱致中期盈利純預期
匯豐環球研究│派息前景改變
大和│資季成本高於預期,但收益勝預期
國泰君安國際│中期業績遜預期
摩根大通│資本開支受控,派息穩定,但業務展望轉弱
摩根士丹利│下行風險有限,但難望有驚喜
中金│5G業務透明度加快,穩定派息提供投資機會
瑞穗│利淡因素已經反映,派息前景良好
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