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大摩:升香港寬頻(1310.HK)目標價至17.5港元 重申為行業首選
格隆匯 10-14 15:27
大摩發表的研究報告指,香港5G頻譜拍賣將於10月14日展開,該行估計市場競爭理性,而過往香港電訊(6823.HK) 、數碼通電訊(0315.HK) 及和記電訊香港(0215.HK) 均以投資回報為重點,而中移動香港母公司中國移動(0941.HK) 在中國是使用2.6GHz及4.9GHz的頻段提供5G服務,相信將減少中移動香港競投3.5GHz的意欲。
該行認為受香港的經濟結構影響,工業層面變現5G的機會不多,不過考慮到通訊辦所提出的頻譜底價不高,相信最終成交價或達底價的3倍,但價格亦不算高,料香港電訊、數碼通及和電將分別斥10億港元、8億港元及8億港元在頻譜上,料對未來派息影響有限;而中移動香港的競投策略亦需重點留意。
該行指出香港寬頻(1310.HK) 將於10月24日公佈下半財年業績,該行估計派息將為每股0.35港元,而管理層之前則指引派息將不少於每股0.34港元,當中住宅寬頻價格提升仍然是主要的增長引擎,由於僅收購WTT四個月,所以該行不認為在下半財年會有太多協同效應,但相信其整合過程及對2020財年展望的影響將較為重要,而企業服務收入的勢頭亦值得留意,因為現時香港宏觀經濟環境較弱,加上WTT客户亦有機會在收購前後出現流失。
大摩指出香港寬頻仍為行業首選,將其目標價由17港元升至17.5港元,意味有18%的潛在上行空間,認為現價提供2020財年預測股息率6%相對區內平均5%吸引,而公司亦免於頻譜競投及5G資本開支上升等的風險。
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