《大行報告》匯豐研究上調聯通(00762.HK)目標價至6.3元 評級「買入」
匯豐研究發表報告指,中國聯通(00762.HK)5G建設進展良好,產業互聯網業務及服務收入均錄升幅,抵銷了移動業務收入的放緩。
報告指出,聯通首季移動出賬用戶數淨減少近750萬戶,移動服務收入亦下跌4.1%,但3月登記用戶轉為正增長。期間,固網寬帶業務增長4.4%,產業互聯網業務收入增32%。
截至3月底聯通聯網已激活5G基站達8萬座,公司目標至今年底5G活躍用戶達至5,000萬戶。該行認為,隨著供應量增加,下半年將有愈來愈多消費者使用5G手機,惟企業服務要過渡到5G的時間可能會更長。
考慮到早前上調了中國鐵塔(00788.HK)的盈利預測,該行亦將聯通2020至2021財年的收入預測調高0.7%及0.2%,淨利潤預測升3.6%及9.7%。由於員工成本或增加,將2020財年EBITDA預測下調2.4%。
匯豐研究表示,首季4G平均每月每戶移動服務收入(ARPU)按年跌9%,但按季增長1%,預期ARPU按季表現將持續改善,目標價升3.3%至6.3元,維持「買入」評級。
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