瑞信:降聯通(0762.HK)評級至“中性” 首九個月核心業務較預期弱
瑞信發表的研究報告指,中國聯通(00762.HK)首九月核心業務表現較預期弱,當中移動服務收入跌5.1%,較次季有所改善,主要因為2018年7月取消數據漫遊費用的影響亦反映在其中,而首九月服務收入按年跌6.1%,但固網收入則按年增8.3%,主要受惠產業互聯網的進程。
期內EBITDA按年升10.4%,主要受惠使用IFRS 16,當中鐵塔租用費不再於EBITDA層面計算,並被計算金融租賃的折舊及利息上,期內淨利按年增11.9%,反映公司盈利復甦持續。該行將其2019財年服務收入、EBITDA及淨利預測分別下調1.9%、2.3%及1.4%,但維持目標價8.55港元,認為公佈「共建共享」後股價已錄升勢,潛在上行空間有限,加上核心業務表現較預期弱,將評級由“跑贏大市”降至“中性”。
該行估計第四季表現將繼續回穩,主要因為價格戰帶來的損害已經顯現,而包括聯通在內的所有營運商均收回了「達量限速」計劃,相信聯通可受惠「攜號轉網」於今年11月正式實施,但相關政策亦有機會惹來中國移動(00941.HK)。
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