瑞信:升電盈(0008.HK)目標價至5.6港元 股息吸引
瑞信發表報告指,隨着5G頻譜拍賣在今年完成,預計香港電訊商將在明年下半年開始推出5G服務,估計2021年的5G用户滲透率將有約7%,並在2024年增長至38%。
該行相信,本港電訊商將如其他區內同業般,以溢價推出5G服務,估計可在短期內增加收入。瑞信預料,香港電訊(06823.HK)的流動業務資本開支對銷售比率,在2021年至2023年將增長7%至8%,以支持5G網絡的推出。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。
考慮到5G頻譜拍賣及流動服務和OTT細分市場的競爭預期,該行下降電訊盈科(00008.HK)今年至2021年每股盈測介乎3%至6%。不過該行上調對電盈股份目標價,由5.55港元升至5.6港元,評級維持“跑贏大市”,主因電盈持有香港電訊52%的股權,而且其今年股息收益率料達7.5%,為該行覆蓋研究股份中最高之一。

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