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野村:料中移動(0941.HK)成5G主要受惠者 維持目標價72港元
格隆匯 04-14 13:51

野村發表研究報告指,中國移動(0941.HK)預期今年將建設25萬個5G基站,並覆蓋全國省市,以及爭取5G上客量達7000萬户,而公司今年資本開支為1798億元人民幣,當中5G相關的資本開支約佔1000億元人民幣,並估計明年資本開支將不會顯著增加。該行認為,中移動已成為5G主要的受惠者,且股息具吸引力,續列公司為該行中國電訊業的首選股,並重申其“買入”評級,維持目標價72港元。

野村稱,中移動目前的5G客大多數是由4G高端客轉移過去,意味每用户平均收入(ARPU)增長空間有限,但隨着更多5G手機及5G網絡推出,預期公司今年下半年開始會有更具意義的增長。

該行又指,中國廣電已獲發5G牌照及頻譜,儘管目前對進一步分配700MHz頻譜仍不確定,但中移動相信“共建共享”策略將成為未來5G網絡建設的趨勢。另外,公司亦正與中國鐵塔(0788.HK)就5G租賃費進行談判,公司目標今年增加3.8萬個大型基站,預期塔類使用費將維持在450億元人民幣以下。

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