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港股異動丨香港本地電信股普跌 疫情或導致漫遊收入大降
格隆匯 03-13 15:13
格隆匯3月13日丨香港本地電信股普跌,其中香港電訊(6823.HK)跌4.55%,數碼通電訊(0315.HK)跌近3%。高盛發表最新報告,關注本地電訊商漫遊收入,並降三隻電訊股目標價。報告指出,本地電訊商約13至20%流動收入來自漫遊,雖然訪港旅客減少,但估計2020上半年來自訪港旅客帶來的漫遊收入,會與2019下半年持平,因2019下半年相關收入已大降。不過,高盛續稱,受新冠肺炎令出外旅客數量大減,估計上半年電訊商海外漫遊收入會大跌七成。企業業務方面,基於企業資本開支轉至數碼化有機會臨時暫停,但基於新冠肺炎情況,企業或加快引入自動化及物聯網,以增加效益,故相信第二季相關收入會提升。基於以上原因,高盛將香港電訊目標價由14.3港元降至14.1港元,但由於預期息率達5.8釐,遠比同行僅3.6釐高,“買入”評級,同時由於香港寬頻預期息率達5.5釐,現水平吸引,也續予“買入”評級,目標價16.2港元不變。不過,高盛估計數碼通和和記電訊每月每户流動收入(ARPU)有持續下降壓力,故分別將目標價從5.88港元和1.58港元,降至5.8港元和1.5港元,續予“中性”評級。
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