瑞信:升香港電訊(6823.HK)目標價至14.25港元 定位良好迎5G增長潛力
瑞信發表報告指,隨着今年完成5G頻譜拍賣,該行料香港電訊商將在明年下半年展開5G服務。瑞信料5G登記用户滲透率在2021年可達約7%,至2024年料將擴大至約38%。該行料香港電訊商將以溢價定價水平開展5G服務,做法看齊地區同業,短期內協助收入增加。
該行料香港電訊(06823.HK)流動服務資本開支對銷售比率,將自2021至2023年增加介乎約7%至8%,以支持5G推出。不過,以整體基礎而言,香港電訊資本開支對銷售比率增幅仍小,因預期該時期內固定資本開支需求將趨緩。考慮5G頻譜拍賣及市場競爭預期,瑞信對香港電訊2019至2021年每股盈測大致不變。
瑞信表示,作為本地唯一綜合電訊服務商,香港電訊定位良好迎合5G增長潛力,升目標價5%,由13.6元升至14.25元,此按現金流折現率作估值,評級“跑贏大市”;並指在宏觀不確定性下,其股息率約6%維持吸引。另利率環境憧憬進一步放寬料有利香港電訊。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.