摩通:若香港電訊(6823.HK)股價對頻譜拍賣反應負面可吸納
摩通發表的研究報告指,香港的3.5GHz 5G頻譜拍賣情況較該行早前預期友善,競投價僅較底價高25%,與國際水平比較相對便宜,現時不太擔心未來兩輪拍賣的競爭對公司盈利帶來的影響。該行指出中移動香港繼續增加在頻譜方面的市佔率,對其他三家營運商而言並非好消息,特別是只經營流動通訊的和電(00215.HK)及數碼通(00315.HK),而在香港電訊商中選擇次序為香港電訊(06823.HK)>香港寬頻(01310.HK) >數碼通>和電,摩通認為假如香港電訊股價對頻譜拍賣反應負面可以吸納。
該行指出中移動香港、香港電訊、數碼通及和電分別獲60MHz、50MHz、50MHz及40MHz的頻譜,認為中移動香港在近期拍賣中正進取地購入頻段,而中移動香港在過去數年已建立品牌形象,其價格吸引,網絡質素亦有改善,考慮到其頻譜優勢料勢頭將持續。該行認為現時談哪家電訊商可獲最多5G頻譜屬言之尚早,認為仍要留意未來兩次拍賣的結果,倘香港電訊未能在5G頻譜上延續其優勢,公司在網絡質素及流動資本開支效益上的優勢或被埋沒。
該行指出香港電訊、數碼通及和電分別付出其市值的0.3%、3.3%及3%作頻譜費用,並將攤分15年繳付,認為對盈利及派息的直接影響輕微,對未來兩次拍賣的競爭不太憂慮,而在股息率層面來看最吸引的是電訊盈科(00008.HK),其次是數碼通、香港電訊、香港寬頻及和電。
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