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汇证:微降香港宽频(1310.HK)目标价至17.4港元 重申“买入”评级
格隆汇 10-25 16:53

汇丰证券发表报告指出,香港宽频(1310.HK)全年业绩强劲,下半年派股息每股36港仙,高于上半年的34港仙,相信加快WTT整合将是公司中小企市场增长的关键,重申“买入”评级,但目标价由17.6港元微降1.1%至17.4港元。

报告指出,鉴于香港宽频与WTT合并,故此公司业绩难与过去作直接比较,但若撇除WTT后,香港宽频2019年度的服务收入增长12%、EBITDA升6%,调整后现金流亦增加19%。即使市场竞争激烈,但其住户市场表现依然理想。

汇证估计,企业市场将是香港宽频未来潜在增长动力所在,而主要管理层积极参与共同持股计划III亦属良好迹象。公司明白在当前经济不景下,小型企业的业务收入可能转弱,但估计中、大型企业为了削减成本,可能转用服务供应商,为公司带来机遇。

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