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野村下调中移动(0941.HK)目标价至90港元评级“买入”
格隆汇 08-12 12:05

野村发表报告表示中移动(00941.HK)今年的派息政策受投资者欢迎,管理层指对资本开支谨慎,亦有助投资者消除对现金流的顾虑,但5G的发展仍然在投资期,故降2019-21年盈利预期7.8至9.7%,维持“买入”评级,目标价由96港元降至90港元,此相当预测2020年企业价值对EBITDA的4倍,此按现金流折现率作估值。

该行指,中移动预期2020至2022年为5G的投资增长周期,但重申会持谨慎态度。目前公司并无提升2019年的资本开支。而该行相信中国铁塔(00788.HK)及中兴(00763.HK)未来可维持增长。

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