大摩:升中移動(0941.HK)評級至“增持” 目標價85港元
摩根士丹利發表報告表示,一舉將中移動(00941.HK)投資評級,由原來“減持”升至“增持”,將目標價由65港元升至85港元,此相當於基本情境下企業價值對EBITDA的3.7倍,料其今年移動通訊數據ARPU可升2%,明年再升3%;估計今年5G資本開支佔旗下移動服務業務收入12%,料2021年佔比提至14%。
該行指,中移動估值低廉、相信市場已反映5G資本開支因素,但料5G可提升ARPU,助公司盈利迎來轉折點,相信該股可成5G主題股份,可迎來市場重估,並指該股屬其亞太區首選股。
大摩料中移動旗下移動服務收入於2019年至2022年複合增長率為5%,對比2019年為跌8%,料未來盈利將可進一步提升,主因5G可提升ARPU表現。
該行同時發表技術意見報告,料中移動未來60天股價將上升,料發生概率80%以上,指其風險與回報吸引,目前提供股息回報約5釐。而該行發表亞太區電訊行業報告中指出,將中移動在相關行業組合權重加至25%。

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