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花旗下调联通(0762.HK)目标价至10.5港元维持“买入”评级
格隆汇 08-15 13:25
花旗报告指出,中国联通(0762.HK) 上半年盈利录69亿元人民币,仅略高于该行预测0.3%,惟低于市场预期1.1%。由于下降收入预估,花旗下调联通2019至2020年盈测3%至6%,目标价相应由11.5港元下调至10.5港元,维持评级“ 买入 ”。该行指,次季移动服务收入增长放缓,料因市场竞争,未来一年收入增长料续疲弱,惟相信产业互联网业务长远可改善收入增长动力。
该行指,联通2019年资本开支指引维持在580亿元人民币,其中5G占80亿元人民币。集团计划与中电信(0728.HK) 共享5G网络,目标节省5G一半资本开支,花旗料有助联通减少资本开支及营运开支压力,从而提升盈利增长。然而,双方网络共享协议执行上仍存不确定性。
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