大和:下調中移動(0941.HK)目標價至78.7港元 升評級至“買入”
大和總研發表研究報告指,中移動(0941.HK)在盈利將會在2019-2021年受累5G投資,但在投資週期內(2020-2024年)公司的自由現金流收益仍然具吸引力,認為市場過分折讓其經營前景。大和調高中移動投資評級,由“優於大市”升至“買入”,目標價則由79.6港元,下調1.13%至78.7港元。
大和表示,分析中移動上半年的營運前景後,該行上調其2019-2021年的服務收入預測3.2-3.8%,上調人事開支2.1-2.6%,以及將EBITDA利潤上調1.5-1.8個百分點,惟下調2019-2021年每股盈利預測3.1-3.6%。
另外,大和又指中移動2024年手機服務收入佔比達59.9%,較早前預測高2.9個百分點,但中移動仍是該行在三大電訊商中,排名最後的股份。
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