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美銀證券:下調中移動(0941.HK)目標價至92港元 評級“買入”
格隆匯 12-19 14:47

美銀美林發表的研究報告指,中國移動(00941.HK)將於12月底至1月初舉行年度工作會議,公司初步計劃2020年目標可獲7,000萬5G用户,但就不希望透過手機補貼推動上客基礎,該行相信公司在5G的營銷開支方面將採審慎態度。

考慮到公司明年5G用户7,000萬户的估算,該行將其2020及2021年經營收入預測分別下調1.8%及上調3.5%,並將明年及後年淨利預測分別降9.7%及6.6%,以現金流貼現率為基礎,將其目標價由102港元降至92港元,認為公司在內地高端用户方面市佔逾五成,可透過5G將流動服務收入增長帶回正軌。

美銀美林指出中移動在5G服務上將採用2.6GHz頻段,而公司的4G服務亦大致是在2.6GHz的頻段上營運,料有助公司控制5G資本開支於合理水平,估計即使5G推出其派息亦能維持穩定。

該行重申對公司“買入”評級,認為公司有可觀的高端流動服務用户,加上能輕易吸納潛在業務夥伴,而其5G頻譜亦能助公司的資本開支維持合理水平,相信中移動在營銷開支上亦會較審慎,而其資產負債表亦較其他同業好。

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