《大行報告》瑞銀下調數碼通(00315.HK)目標價至4.3元 評級「沽售」
瑞銀發表報告指,數碼通(00315.HK)發盈警,料截至今年6月底止全年度(2020財年)純利將跌約30%,主要因為受疫情影響,數據漫遊收入顯著下跌,意味盈利勢頭轉差,公司今年將繼續加快5G投資,該行相信短期將影響盈利能力,因為會帶來經營開支及折舊壓力。
該行指,數碼通股價今年以來已跌21%,認為已部分反映了經營環境轉弱及疫情帶來的影響,但瑞銀認為仍有空間調整估值,料未來一至兩年公司盈利及每股派息有機會向下,維持「沽售」評級,目標價由5.55元降至4.3元,此按現金流折現率作估值。
瑞銀表示,數碼通有15%的服務收入是來自數據漫遊,故對公司受顯著影響不感意外,但相信隨著疫情有所改善,數據漫遊收入料將復甦,惟中期展望仍具挑戰,因為5G相關的經營開支及折舊將為未來一至兩年的盈利帶來壓力。該行相信5G推出或帶動ARPU改善,有機會帶來潛在的上行,但考慮到中移動香港定價進取,料發生的可能性將較低,而且公司在5G服務推出方面亦慢於同業,相信數碼通有機會流失希望搶先試用的高端客戶。
該行將數碼通2020財年EBITDA預測及淨利預測分別降4%及10%,以反映數據漫遊收入下跌,料2021財年收入或有輕微復甦。(el/w) ~
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