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瑞銀:維持中國聯通(0762.HK)“買入”評級 目標價11.2港元
格隆匯 12-02 16:12

瑞銀髮表研究報告把中國聯通(0762.HK)從瑞銀的主要涵蓋清單剔除,雖然見到行業定價改善,但5G定價仍較預期低,最低的5G計劃月費為130元人民幣,而數據分享卡亦包含在套餐計劃內。該行表示,聯通現價處於10年的低估值,相信負面因素已被消化,故維持其“買入投資評級,目標價為11.2港元。

瑞銀表示,在最近的視察發現電訊商為159元人民幣或以上的月費計劃提供手機津貼,讓客户在24個月死約中,預先獲得手機合同價值25-30%的津貼,每用户平均收入(ARPU)會較高,意味電信商正取消一些最便宜的計劃,收入趨勢有所改善,10月份行業收入按年增長2.5%。

瑞銀指,5G資費率較預期便宜,加上手機津貼,有機會堆動客户加速採用5G計劃,認為5G有需要在2020財年加快建立。該行認為,電訊商能減低基站的要求或延遲某些IT計劃,以讓5G更有空間加速。

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