匯豐研究:下調數碼通(0315.HK)目標價至6.6港元 評級“持有”
匯豐環球研究指出,在本港5G頻譜拍賣後,該行重新審視數碼通(00315.HK)前景預測,發現其成本較預期少。基於移動業務前景持續疲弱,預期員工成本及其他營運成本佔比上升,加上會計準則變動,下調集團EBITDA預測,目標價由7.6港元下調至6.6港元,此按現金流折現率作估值,維持“持有”評級。
該行指,本港電訊公司以比預期較低的價格投得5G頻譜,料最快於第二季推出,惟料對電訊商收入影響有限,因市面上缺乏受歡迎的手機,估計最快至年底開始普及(直至兼容5G的新款iPhone推出後)。該行亦預期初時客户對5G需求較低,因截至目前仍未有嶄新的5G服務面世。雖然如此,該行認為5G的推出可為電訊業提供月費加價的機會。
匯豐環球研究表示,由於本港零售業營商環境困難,在過去數月,電訊商並沒有推出太多推廣措施,預期月費定價維持穩定,加上市場競爭激烈,該行對本港電訊商前景維持對審慎看法。

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.