《大行报告》汇丰研究升和电香港(00215.HK)至「买入」 普遍下调港电讯股目标价
汇丰环球研究发表报告表示,预期本港5G频谱「僧多粥少」,今年10月频谱拍卖料将提升5G频谱成本,该行估计价格将为底价的5-20倍,是次指卖的频谱有380兆赫并分布在三个不同频段,认为频谱相对较少,因为其他市场每家营运商通常可获100兆赫,而频谱分布在不同频段或有问题,因为短期内不是每款手机都能同时支援三个频段。
该行估计,香港电讯(06823.HK)及中移动香港均获较大份额,两家电讯商分别付出39亿港元,而数码通电讯(00315.HK)及和记电讯香港(00215.HK)则分别付出28亿元,意味人均每兆赫成本为58美仙,与2014年3G频谱重续及2018年底频谱拍卖比较为低,相信大部分电讯商对5G业务发展仍较审愤,但为了追上同业仍会参与竞投。
汇丰环球研究称,下调了香港电讯、数码通及和电香港的目标价各0.8%、6.2%及14.8%,分别至12.1元、7.6元及1.77元,以反映频谱成本提升。
该行指,和电香港股价自公布中期业绩以来股价下跌,考虑到其估值将评级由「持有」升至「买入」,认为公司虽有34亿港元现金?但在竞投及5G推出方面仍较保守,若5G频谱成本与该行预测一致,或有机会进一步派特别息。另外,该行亦喜欢香港宽频(01310.HK),认为公司在企业服务方面市场份额有望提升。 ~
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