瑞銀:和電香港(0215.HK)股價回調提供入市良機 評級上調至“買入”
瑞銀髮表的研究報告指,香港5G頻譜拍賣以較預期低的價格完成,該行調整了相關估算,並預計可為各無線網絡供應商的盈利帶來1%至6%的潛在上行。由於5G頻譜拍賣不再是顧慮,相關因素亦不再為現有的定價勢頭帶來重大影響,該行最近進行的價格調查顯示,競爭依然激烈但與三個月前比較趨勢未變,該行維持偏好有線服務供應商如香港寬頻(01310.HK),多於無線網絡供應商。
該行最近一次的價格調查表現好壞參半,正面來看額外數據收費增加約8至10元,但負面來看仍見到店舖有提供「台底」優惠,例如是CSL的12GB數據計劃有3個月免費期,而中移動香港亦為所有客户提供學生服務計劃。該行指出旗艦4G流動數據收費與上次調查比較大致不變(或稍微減價),總括而言不認為流動服務收入短期內會有重大改變。
該行認為和記電訊香港(00215.HK)擁57億元現金,隨着5G頻譜拍賣已成定局,而母公司長和(00001.HK)亦希望減輕負債比率,相信和電有機會在未來12至24個月將現金分派予股東,並估計公司將於2020及2021年派發每股0.52元的特別息。由於瑞銀不認為和電有5G方面有很強的地位,故料公司可選擇與香港電訊(06823.HK)共建,相信公司下行因素已反映在股價上,故將其評級由“中性”升至“買入”,目標價則由2港元降至1.8港元。

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