高盛:升联通(0762.HK)评级至“买入” 目标价上调至10.3港元
高盛发表报告指,中国联通(0762.HK)
与中国电信(0728.HK)
早前公布进行5G网络共建共享合作计划,重点是降低成本。该行预期在该协议下,联通及中电信有望在网络覆盖及深度方面与中国移动(0941.HK)
相提并论。
该行预计,联通及中电信之合并市占率由2018年的40%提升至2021年45%,即是代表多标准无线技术(MSR)升1%至2.7%,2020至2021年盈利预测增3.5%至6.4%,因此该行将联通由“
中性
”上调至“
买入
”评级,且目标价由10.1港元升至10.3港元。
基于中电信上半年业绩差过预期以及人民币贬值因素,该行将其目标价由5.1港元降至5港元,重申“
买入
”评级。报告补充,中资电讯股自今年3月以来平均累挫21%,相对恒指跌9%,主因是投资者对市场价格竞争令ARPU/服务收入下降的担忧,以及5G的更高资本支出。但该行预期中期而言上述忧虑会逐步消除,相信股价进一步下跌空间有限。
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