瑞信:升和電(0215.HK)評級至“跑贏大市” 目標價上調至1.9港元
瑞信發表報告上調和記電訊香港(00215.HK)評級,由“中性”升至“跑贏大市”,目標價由1.85港元上調至1.9港元。
報告指,受客户減少及價格競爭影響,和記電訊香港過去5年持續在收入上失去市佔,趨勢於今年上半年持續,流動通訊服務收益按年跌3.3%,跑輸同業。
該行料公司服務收入明年跌1.3%,2021及2022年度持平,受惠於5G服務收入上升,但成本上升將為盈利帶來壓力,未來3年盈利及派息年遞減幅度為12%。該行亦輕微調整對該股2019至2021年每股盈利預測0%至2%。
瑞信表示,縱使該行預測和記電訊香港盈利下跌,但估值吸引,所持現金總值相等市值70%,核心電訊業務估值僅為2020年企業價值倍數2倍,又認為和記電訊香港是作為私有化的良好對象。

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.