大和:降中聯通(0762.HK)目標至9.2港元 重申買入評級
大和總研發表研究報告指,中聯通(0762.HK)今年首季的業績跟同行一樣疲弱,主要由於手機收入未能強勁復甦,或需等到下半年5G網絡全面覆蓋後才能得到改善。不過,該行認為中聯通的股價被嚴重低估,預期2020-24年自由現金流收益率約為10%,故重申其“買入”投資評級,目標價由9.26港元下調至9.2港元。
大和預期,中聯通今年首季淨利潤為24億元人民幣,服務收入按年下跌2.4個百分點,而服務EBITDA利潤率則按年下跌1.8個百分點。該行表示,受惠工業互聯網及家居寬頻需求有力,料固網板塊的收入繼續得到改善,但手機板塊仍然維持疲弱。該行又預期,中聯通首季的手機數據用量按年升34%,而每位用户的混合平均收入則按年下跌3%至39.9元人民幣。
另外,大和認為受惠於“共建共享”的商業模式,加上5G推出有助提升公司的每用户平均收入,該行仍看好中聯通的股價前景。

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