瑞信:微降电盈(0008.HK)目标价至5.5港元 评级“跑赢大市”
瑞信发表的研究报告指,电讯盈科(0008.HK)
去年下半年核心EBITDA按年增长2.7%至70港元,主要受惠OTT及免费电视业务亏损收窄,但整合后净收益则按年跌27.2%至5.18亿港元,主要因为摊销开支较高,公司宣派末期息每股23港仙,全年计派息每股32.18港仙,按年升3%,符预期。
该行指出去年下半年媒体业务EBITDA转正,录4,100万港元,主要因为免费电视及OTT业务亏损收窄,相关业务表现亦受惠于规模效应,管理层估计未来将可达收支平衡。
而在IT解决方案业务方面,下半年相关收入按年增4.9%,而EBITDA则按年跌10.9%,主要因为于新加坡、马来西亚及菲律宾的工程带来了一次性开支,相关工程是为了公司在东南亚扩张,管理层估计数据中心使用率亦将提升。
该行将公司2020-21年每股盈利预测下调34%,主要考虑到摊销开支对2019年盈利的影响。因下调了对其IT解决方案业务的估值,故将其目标价由5.6港元降至5.5港元,维持“
跑赢大市
”评级。
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