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富瑞:升中移动(0941.HK)目标价至91.55港元 维持“买入”评级
格隆汇 09-11 14:33

富瑞发表研究报告指,中移动(0941.HK)上半年利润按年下跌14%,为公司带来低谷,但相信下半年随着竞争理性化及政府在定价上的压力减少,业绩将出现反弹。该行将其目标价由89.93港元,上调1.8%至91.55港元,维持“买入”投资评级。

不过,富瑞认为中移动的成本上升会限制其增长,故对其2020/2021年的盈利预测与市场预期相约,而2019-2022年EBITDA及净利润复合年增长预测分别只有2.8%及1%。但长期而言,该行认为中移动5G的资本开支低于预期,加上其派息比率增加,将会是增长动力。

另外,中电信(0728.HK)及中联通(0762.HK)共建计划将会为中移动带来更强的竞争,需视乎中移动的覆盖优势能否消除其速度的不利因素。该行维持中电信及中联通为行业首选股。

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