《大行報告》大摩下調數碼通(00315.HK)目標價5.5元 續看好固網勝流動網絡營運商
摩根士丹利發表研究報告,指數碼通(00315.HK)在4月29日發盈警,管理層預期2020財年純利將錄得約30%下跌,主要是由於最近數月的漫遊收入大幅下降所致,並相信會在今個財年餘下時間繼續下跌。而30%的盈利跌幅較2020財年上半年的20%跌幅,及市場預期的28%跌幅為大,意味2020財年下半年的盈利跌幅約40%。
該行指出,純流動網絡營運商更受到疫情影響,認為和記電訊香港(00215.HK)有約20%的服務收入是來自漫遊業務,或會對盈利有負面影響。一些固網電訊商,例如香港電訊(06823.HK)及香港寬頻(01310.HK)的住宅收入穩定,甚至因為更高的ICT解決方案需求而導致企業業務錄正增長,表現出較佳的防守性。
報告指,雖然香港在今年推出商業化的5G服務,且價格升幅溫和,但該行相信有意義的收入增長要延至明年才會出現,而逐步轉移至5G的影響並不能抵銷短期漫遊業務的急劇下降。
該行目前更看好香港電訊及香港寬頻,對兩家公司維持「增持」投資評級,目標價分別為14元及17.5元,數碼通及和記電訊香港的投資評級為「與大市同步」,數碼通目標價由7元降至5.5元,和電香港目標價為1.7元。
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