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大摩:整體5G頻譜成本較預期低 和電(0215.HK)再次派發特息可能性增加
格隆匯 11-07 11:40

摩根士丹利發表報告指,通訊事務管理局辦公室公佈,經過兩日的拍賣競投,香港3.3吉赫頻帶5G頻譜的使用費總額為6.65億元,意味溢價為233%。其中,和電香港(00215.HK)及香港電訊(06823.HK)分別以2億元各投得30兆赫,數碼通(00315.HK)及中移動香港則分別以1.33億元各投得20兆赫。

該行表示,3.3吉赫頻帶平均每兆赫價格為670萬元,認為價格意外地高,因該頻帶只能部署作室內覆蓋,而對比3.5吉赫頻帶平均每兆赫僅為500萬元。

不過,大摩認為5G頻譜總成本較預期低,減低了香港電訊商的下行風險,但由於競爭情況沒有改善,因此營運提升的可見性仍然很低。而和電香港的頻譜總成本為4.02億元,遠低於其今年中所持的54億元現金。和電早前曾提到,其現金定位不僅用於拍賣頻譜,亦用於潛在收購。因收購目前為止沒有大進展,該行認為公司在今年全年再次派發可觀特息的可能性增加。假設公司的5G頻譜成本為債務,估計其現時的現金相當於每股1元。

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