《大行報告》匯豐研究升和電香港(00215.HK)至「買入」 普遍下調港電訊股目標價
匯豐環球研究發表報告表示,預期本港5G頻譜「僧多粥少」,今年10月頻譜拍賣料將提升5G頻譜成本,該行估計價格將為底價的5-20倍,是次指賣的頻譜有380兆赫並分布在三個不同頻段,認為頻譜相對較少,因為其他市場每家營運商通常可獲100兆赫,而頻譜分布在不同頻段或有問題,因為短期內不是每款手機都能同時支援三個頻段。
該行估計,香港電訊(06823.HK)及中移動香港均獲較大份額,兩家電訊商分別付出39億港元,而數碼通電訊(00315.HK)及和記電訊香港(00215.HK)則分別付出28億元,意味人均每兆赫成本為58美仙,與2014年3G頻譜重續及2018年底頻譜拍賣比較為低,相信大部分電訊商對5G業務發展仍較審憤,但為了追上同業仍會參與競投。
匯豐環球研究稱,下調了香港電訊、數碼通及和電香港的目標價各0.8%、6.2%及14.8%,分別至12.1元、7.6元及1.77元,以反映頻譜成本提升。
該行指,和電香港股價自公布中期業績以來股價下跌,考慮到其估值將評級由「持有」升至「買入」,認為公司雖有34億港元現金|但在競投及5G推出方面仍較保守,若5G頻譜成本與該行預測一致,或有機會進一步派特別息。另外,該行亦喜歡香港寬頻(01310.HK),認為公司在企業服務方面市場份額有望提升。 ~
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