摩通:和電(0215.HK)短期盈利將受壓 降目標價至1.75港元
摩根大通發表的研究報告指,和記電訊香港(0215.HK)去年下半年業績表現好過預期,主要受惠流動服務收入輕微反彈,以及公司成本管控見效,該行估計受新型冠狀病毒疫情及頻譜相關開支影響,公司短期盈利將受壓,將其目標價由2港元降至1.75港元。
該行指出和電去年下半年受惠社會活動,流動收入勢頭有所改善,而香港電訊(6823.HK)及數碼通電訊(0315.HK)的流動服務收入亦有類似的趨勢,而和電的流動收入於下半年復甦,主要是受惠本地服務收入跌勢減慢以及數據漫桌收入加快,另外公司的成本管控措施亦帶動去年下半年成本降7%,而盈利亦扭轉跌勢按年升17%。
該行認為2020年將是具挑戰性的一年,新型冠狀病毒爆發拖累本地經濟及旅遊表現,現時估算5G頻譜相關的開支將自今年中起拖累盈利將5%,而4G頻譜重拍的成本亦會自2021年開始影響到盈利表現,公司目標是將於今年次季推出5G服務,而中移動香港對公司而言相信是重大威脅,因為中移動香港在獲取頻譜方面相對進取,希望進一步擴展其5G步伐。
該行將公司2020年盈利預測下調9%以反映新型冠狀病毒爆發及5G頻譜方面帶來的影響,由於公司擁54億元現金,該行估計其每股派息即使面對盈利下行仍可維持穩定,而公司現時股息率為4%,相對數碼通、香港電訊及電訊盈科(0008.HK)仍較低。

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