《大行報告》匯豐研究下調聯通(00762.HK)目標價至6.1元 評級「買入」
匯豐研究發表的報告指,中國聯通(00762.HK)對5G共建共享方面有較正面的指引,並將2020年資本開支預算提升至700億元人民幣(下同),但仍低於該行預測的760億元,該行估計聯通與中電信(00728.HK)的合作有機會加深,或涉共享4G基站及其他網絡設備等,該行將聯通目標價大降36%,由9.5元降至6.1元,評級「買入」。
該行指出儘管回報前景亦不確定,中國移動(00941.HK)仍大增5G開支,而中聯通則將整體資本開支指引訂在700億元水平,低於該行預測,並估計將有350億元將用於與中國電信(00728.HK)共享5G網絡。到2019年末公司已有8萬個5G基站,並期望到今年第三季基站數目將增至25萬個,考慮到現時5G網絡用戶仍較少,聯通管理層有信心當新手機出現,5G將可有快速增長,並期望到2020年尾用戶數可達5,000萬戶,相信到今年中5G上客有望加快。
現時公司5G ARPU將為80元,而聯通主要聚焦於企業發展潛力,亦有重點投資在車用相關的服務,中移動5G企業收入今年估計不會很大,意味短期中移動將集中於雲服務及政府服務等。該行認為固網方面的競爭仍激烈,而流動服務方面受雙卡用戶將消費集中於一張卡影響,上客方面亦呈跌勢,該行相信聯通將繼續減少網絡及經營開支,而與中電信共享相信亦會有幫助。
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