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匯證:微降香港寬頻(1310.HK)目標價至17.4港元 重申“買入”評級
格隆匯 10-25 16:53

匯豐證券發表報告指出,香港寬頻(1310.HK)全年業績強勁,下半年派股息每股36港仙,高於上半年的34港仙,相信加快WTT整合將是公司中小企市場增長的關鍵,重申“買入”評級,但目標價由17.6港元微降1.1%至17.4港元。

報告指出,鑑於香港寬頻與WTT合併,故此公司業績難與過去作直接比較,但若撇除WTT後,香港寬頻2019年度的服務收入增長12%、EBITDA升6%,調整後現金流亦增加19%。即使市場競爭激烈,但其住户市場表現依然理想。

匯證估計,企業市場將是香港寬頻未來潛在增長動力所在,而主要管理層積極參與共同持股計劃III亦屬良好跡象。公司明白在當前經濟不景下,小型企業的業務收入可能轉弱,但估計中、大型企業為了削減成本,可能轉用服務供應商,為公司帶來機遇。

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