瑞銀:下調中電信(0728.HK)目標價至4.7港元 評級“買入”
瑞銀髮表研究報告指,中電信(00728.HK)第三季的服務收入和EBITDA升約2%,對比中移動(00941.HK)和聯通(00762.HK)只有持平的收入和5-7%的移動服務收入跌幅,中電信表現穩健。中電信純利跌18%,主因去年同期分拆中國鐵塔(00788.HK)導致基數偏高,剔除後,純利升2.5%,反映利潤率穩定。隨着市場競爭放鬆,該行預期公司未來數季收入增長改善,重申“買入”評級,目標價由4.8港元降至4.7港元。
該行見到中電信用户人數增長動力放慢,第三季的用户人數淨增700萬,而前八個季度平均淨增1,200萬,每月每用户收入(ARPU)跌幅亦見收窄,相信是反映進取的定價策略已經減少,未來在4G利用率增加,及5G推出後,相信未來數月會有一個良性的競爭環境。
該行又指,中電信的成本控制於今年有改善,預期經常性利潤增長動力可於下半年維持。

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