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富瑞:上调联通(0762.HK)及电信(0728.HK)目标价 同予“买入”评级
格隆汇 09-10 14:10

富瑞发表报告指出,中国联通(0762.HK)及中国电信(0728.HK)以签署共建5G网络协议来代表成立合资公司,若将其资本开支拆开,估计联通及中电信各占42%及58%。在撇除铁塔租赁及网络运作成本外,预期此举可为双方在未来八年合共减少资本开支达3700亿元人民币,因此上调联通目标价由20.38港元,上调逾17%至23.86港元;至于中电信目标价则由4.33港元,大幅提高76.67%至7.65港元,同予其“买入”投资评级。

富瑞指,尽管联通及中电信通过共建5G网络协议均有大幅度上升空间,惟在两者中,该行较为偏好联通,主要因为该公司有较高的自由现金流。此外,联通下半年及明年在手机移动业务市占率料有提升,并带动纯利逐步复升,由于投资者期望享有较低投资风险,故认为联通会是较好的选择。

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