德銀:調整中資電訊股目標價 料將繼續受惠國企改革政策
德銀髮表研究報告指,中電信(0728.HK)
和中聯通(0762.HK)
合作組建5G網絡一事,相信過度投資5G的最壞情況不會發生;如果針對效率而言,相信下一個步驟是關閉2G及3G網絡;5G一直被視為電訊板塊培育的關鍵行業,相信未來盈利主題會更廣泛。
該行指,對增持中國電訊股的意欲增加,但今年盈利轉弱,令基數降低,亦帶動2020年盈利起步點較低,該行下調三大電訊營運商盈利預測及目標價,以反映上述事項。另外,該行料中期而言,鐵塔(0788.HK)
現金流急劇增長,將其目標價由1.55港元上調至1.75港元。
該行又指,中長期來説,相信5G合營項目是最新的國企改革項目之一,讓電訊企業可以自行決定業務和資本開支計劃,以及更多激勵管理層和員工。在股本回報降低,及經濟和財政壓力下,改革會持續。同時預期未來合作方向不單是流動業務,更會擴展至寬頻網絡,提升效率。行業將繼續受惠國企改革政策,中國開放市場亦有意味普需要外國資金進場。
德銀髮表報告更新了對中資電訊股最新投資評級及目標價:

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