大摩:予中移動(0941.HK)“減持”評級 目標價65港元
摩根士丹利發表報告,市場料中資電訊商於今年下半年收入趨勢可望改善,但該行估計第三季復甦或會慢於預期。該行估計,中移動將於下週一(21日)公佈第三季業績,料公司上季服務收入1608.09億元(人民幣,下同),按年跌0.9%(按季跌13.3%),料國際財務報告準則(IFRS)第16號前的EBITDA為673.73億元,按年下滑1.2%,估計其EBITDA錄731.68億元,按年升7.3%(按季跌6.7%)。
該行估計,中移動今年第三季純利270億元(撇除去年第三季分拆中國鐵塔(0788.HK)
上市收益後為按年下滑2.3%),按季跌16.5%,料其上季移動服務收入錄1343.41億元(按年下滑5.3%),估計固網收入則按年升30%至264.68億元。
大摩表示,在三大中資電訊股之中,喜愛聯通(0762.HK)
及中電信(0728.HK)(
均予“
增持
”評級),多於中移動(0941.HK)
(予“
減持
”
投資評級及目標價65港元)。
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