《大行報告》高盛下調中移動(00941.HK)目標價至61.8元 首季業績符預期
高盛發表研究報告,指中移動(00941.HK)今年首季業績表現符合預期。收入為1,813億元人民幣,按年下跌2%。當中,服務收入錄1,689億元人民幣,按年增長1.8%,是該行今年預測的24.7%。
報告稱,中移動首季EBITDA錄685億元人民幣,按年下跌5.8%,佔該行今年預測的23.1%。服務EBITDA利潤率為40.6%,按年下跌3.3個百分點。該行相信EBITDA利潤率下跌主要是由於5G網絡營運及支援開支上升所致。值得注意的是,公司預期與5G相關的維護成本將會進一步上升,尤其是在2020下半年。另一方面,公司的銷售開支在首季有所下跌,主要是由於疫情影響線下銷售及營銷活動,加上公司加強其銷售及宣傳成本控制。
高盛另指出,中移動首季純利為235億元人民幣,按年微跌0.8%,佔該行今年預期的24.4%。公司力爭在今年維持穩定的純利水平。該行將公司2020至2022年的EBITDA預測下調3.6%至4%,以反映5G相關網絡成本上升,並將盈利預測上調2%至4.4%,以反映更低的折舊成本。將其目標價由64元下調至61.8元,維持「中性」投資評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.