《大行報告》匯豐研究升香港寬頻(01310.HK)目標價至18.7元 維持「買入」評級
匯豐研究發表報告指,香港寬頻(01310.HK)上半年業績首次反映完成收購匯港電訊和收購JOS 2.5個月的表現,同時亦採用了新會計準則。經調整自由現金流增長及派息表現強勁,管理層預期下半年派息不會少於上半年的37仙。雖然新業務增長仍然艱難,但部分被銷售及推廣成本減少抵銷。
該行指,公司的自由現金流目標較預期高,同時亦受惠票據持有人換股,減少財務開支,以及新收購帶來的協同效應,但公司需加大擴張企業業務,包括數碼轉型、雲服務、及其他解決方案,相信在目前的環境下,對企業是吸引的服務。
該行又指,因應企業服務表現勝預期,升收入預期,並在計入新會計準則情況下,升2021-22年EBITDA預期5.7%及4.5%,及減少經營溢利預期18.2%及17.5%。三年的累計每股自由現金流為2.44元,目標價由16.9元升至18.7元,維持「買入」評級。
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