汇丰研究升中移动(0941.HK)评级至“买入”上调目标价至81港元
汇丰研究发表的报告指,中移动(00941.HK)上半年业绩较弱,主要是受竞争激烈及成本较高拖累。受到取消漫游数据收费等影响,期内ARPU按年下跌10.2%。由於去年下半年基数较低,料全年ARPU下跌幅度将收窄至5%,与去年一样。期内员工开支按年升4.9%,而销售开支则升4.5%,流量单位成本则按年下跌62%,相信监管当局进一步要求降价的可能性较低。

中移动指出2019财年的5G资本开支指引由早前提出的170亿元人民币,增至240亿元人民币,但会削减其他方面的开支,令整体资本开支水平维持在1,660亿元人民币或以下,公司亦指出2020-22年将为5G投资高峰期,但相信与之前的投资高峰期比较,资本开支不会显着提升。
上半年公司收入持平,该行预计设备及缆线销售将带动全年收入增3.5%,但就将全年EBITDA预测下调1.4%,而经营利润预测则削3.5%。另外该行提升了公司2022年资本开支预测以反映投资高峰期的影响,现时估计到2022年公司将建160万座5G基站。
该行续称,中移动正进取地削减销售开支,故该行亦下调了对其中期营销开支的预测,对其资本开支预算则大致不变。中移动3月份时针对派息的指引令市场失望,加上5G带来的不确定性导致股价由87元跌至63元,公司新的派息指引为维持稳定派息,根据该行计算,意味派息比率将为53%而股息率则为4.8%,认为中移动股价已跌至约5年低位,考虑到公司再次重申其5G资本开支预算,加上预期下半年势头较好,将其评级由“持有”升至“买入”,目标价由77港元升至81港元。
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