大摩:維持香港電訊(6823.HK)“增持”評級 目標價14港元
摩根士丹利發表研究報告,指在現時充滿挑戰的市況下香港電訊(6823.HK)
仍表現出良好防守能力,實現穩定的服務收入,去年下半年收入及EBITDA按年分別升1%及2%,每股合訂單位末期分派更增長3%,相當於經調整現金流分派比率100%。預期隨着5G服務於今年4月推出,以當前股息率6%計相當具吸引力,因此維持“
增持
”評級。
大摩指,香港電訊有意成為首家在香港推出5G服務的運營商,預計早期5G應用將傾向為消費者提供娛樂相關服務,與電訊盈科(0008.HK)
等合作提供良好的用户體驗。
該行認為,雖然市場短期投資氣氛疲弱,但憧憬香港電訊將進行數字化轉型,今年大型企業及公用行業將對資訊及通訊科技有強烈需求;加上香港電訊計劃
夥
電盈、渣打及攜程金融設立虛擬銀行,大摩相信香港電訊今年每股合訂單位分派有望增長3%至5%,予目標價14港元。
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