瑞信:內地電訊業8月收入呈復甦跡象 予中移動(00941.HK)“跑贏大市”
瑞信發表報告指,隨7月份出現季節性疲弱後,內地電訊業8月收入呈復甦跡象。8月數據明顯有所改善,當中移動收益按月升3.8%,按年跌幅更由7月的4.7%,改善至8月僅微跌0.1%;固網業務則按月持平,按年增4%。
報告補充,由於自2018年7月起取消了漫遊費用,投資者一直預計今年下半年行業增長率將復甦,8月份令市場重燃希望。該行又指,在取消「無限流量」套餐已在省級完全實施後,預期9月份營運數據更見改善。惟認為政府強制取消漫遊是一個主要的負面影響催化劑,令三大電訊營運商之競爭加劇而對盈利不利。
瑞信認為,三大電訊商上半年業績已反映取消「無限流量」套餐的不利因素,且同時傾向控制5G方面的資本支出,該行料2020至2022年總資本開支為5,300億元人民幣,較早前預計之5,808億元人民幣為低。該行維持中國移動(00941.HK)2020年現金流收益率為7.5%,加上今年穩定派息率,代表股息率為4.8%,故維持“跑贏大市”評級,目標價為85港元。
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