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《大行報告》匯豐研究下調本港電訊股盈測及目標價 首選仍為香港寬頻(01310.HK)
阿思達克 04-20 12:00
匯豐研究發表的報告指,作為區域旅遊中心,香港的電訊商數據漫遊收入高於大部分同業,去年相關收入佔流動服務收入約13-20%,而部分數據漫遊的收入是源於流動服務合約,旅遊方面停滯將顯著拖累今年相關收入的表現,而自去年下半年起訪港旅客減少已拖累旅客數據漫遊方面的使用,料勢頭將持續。另外該行亦估計企業解決方案的銷售將現跌勢。該行予香港寬頻(01310.HK)「買入」評級,予香港電訊(06823.HK)、和記電訊香港(00215.HK)及數碼通電訊(00315.HK)「持有」評級,並調低目標價以反映預測下調。

該行估計電訊營運商將透過減少分銷成本及營銷活動應對,數碼通電訊及和記電訊香港所受影響最大,2020及21年頻譜的攤銷成本亦有所增加,而兩家營運商派息均是基於盈利表現。

匯豐研究指香港寬頻仍然是首選,主要因為公司計劃今年自香港電訊手中搶佔大型企業客,以帶動2021年的自由現金流增長,雖現時看來較困難,但該行相信公司可達到2020財年派息錄高單位數增長的指引,並可透過不同的成本管控措施彌補免費一個月的影響。另外該行料香港電訊將透過控制資本開支維持派息平穩,同時亦會減慢次緊急項目。(el/k) ~

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