《大行报告》汇丰研究联通(00762.HK)冀与同业共建5G网络削运营成本维持「买入」评级
汇丰环球研究发表报告指,中国联通(00762.HK)今年上半年收入较该行预测低1%,但净利润表现则优於预测1%。集团上半年的流动服务收入按年下跌6.6%,主因取消数据漫游费用使竞争加剧,而宽频接驳收入亦录得4%下降。另外,虽然销售成本按年增加5%,但网络和员工成本控制良好。
该行维持予联通「买入」评级,但下调目标价,由11.4元降至11.2元,并下调今年至2021年的净利润预测,以反映折旧和摊销费用较高。至於今年至2021年的EBITDA预测则有所上调,以反映国际财务报告准则第16号(IFRS 16)的租赁会计。汇丰研究指,联通希望与同业共建及分享5G网络和资源,以持续减少资本开支及运营成本。
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