《大行報告》瑞信下調本地電訊股目標價 升數碼通(00315.HK)評級至「跑贏大市」
瑞信發表研究報告,指本港電訊業自2018年10月起,在價格競爭方面有轉正面,有助各電訊商去年表現相對穩定,儘管去年本港市道受社會運動影響,電話服務收入只下跌1%,漫遊服務收入亦於去年復甦。
該行指,基於漫遊服務收入佔電訊商整體收入14-20%,故漫遊收入受影響會危及整體財務數字,預期今年電話服務收入按年跌8%,而此前預期為升0.7%。
該行續稱,香港電訊(06823.HK)、和電(00215.HK)於4月1日推出5G商用服務,與其他區域同業一樣,5G服務的收費都較高,但預期今年不會帶來很大貢獻,因覆蓋面不高。
因應新型肺炎疫情影響,該行分別下調和電、數碼通及香港電訊目標價18%、16%及2%,最新目標價分別為1.55元、5.9元及14元,評級均為「跑贏大市」。該行將數碼通評級由「中性」上調至「跑贏大市」,因其估值吸引。該行並下調數碼通、和電、香港電訊2020-21年每股盈測30.6%及16.3%、68.2%及46.9%、5.3%及1.8%,香港寬頻2020-21年每股盈測則上調1.9%及4.8%。
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