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野村:看好中國鐵塔(0788.HK)盈利前景 列為行業首選股
格隆匯 12-17 15:18

野村發表研究報告指,上週參與關於中國5G供應鏈及雲市場軟件。該行指,由於運營商業務增長乏善可陳,使5G支出前景黯淡,並可能拖累設備及組件的價格和利潤率,投資者普遍對5G供應鏈感審慎。而電訊商將會在明年3月份公佈資本開支指引,該行在板塊內首選中鐵塔(0788.HK),看好其已改善的盈利前景及有限的定價壓力。

而在軟件和雲計算板塊方面,該行指投資者普遍看好長遠結構性增長機會,但仍有投資者擔心在宏觀環境放緩的情況下,憂慮銷售增長或會放緩。該行在這板塊看好A股的用友(600588.SH)

野村表示,三大電訊商認為行業競爭環境將會好轉,投資者亦認為競爭壓力得到緩和,但該行ARPU及淨利潤扭轉的可見度仍低。而在短期內,該行認為設備投標能帶來催化劑,能減低5G出台延期的擔憂。

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