《大行報告》匯豐研究上調香港寬頻(01310.HK)目標價至19.6元 下調數碼通(00315.HK)及和電(00215.HK)目標價
匯豐研究發表報告,指香港寬頻(01310.HK)企業服務收入約60億元,有望通過協同效應、市場份額增長,以及無線市場困難等因素在價值約270億元的企業服務市場中獲得增長。公司併購匯港電訊(WTT)及Jardine OneSolution(JOS)後,使其擁有更廣泛的產品組合及客戶群。
公司的目標是在2021年8月之前,將三年期的經調整每股自由現金流達介乎2.53至3.03元。該行預測為2.41元,意味2021財年的股息增長為41%,以及自由現金流增長約5.5億元。該行認為,不論營商環境如何,較低的利息費用、交叉銷售及WTT的成本協同效應均有望實現。另外,公司亦受惠於在艱難環境中加速數碼化及將IT功能外判。
相比之下,該行在無線市場上仍保持審慎。激烈的競爭、13%至20%的服務收入來自漫遊,以及頻譜攤銷費用高企都是拖累因素,很少證據證明5G的需求足以推動收入增長。漫遊預測下調,令該行調低和記電訊香港(00215.HK)及數碼通電訊(00315.HK)的收入及EBITDA預測。然而,該行提升對數碼通的營運溢利以及和電香港的純利預測。
匯豐研究指,香港寬頻仍是該行在香港電訊板塊中的首選,目標價由原來的18.7元上調至19.6元,投資評級「買入」。數碼通的目標價則由5.2元下調至4.8元,和電香港目標價則由1.51元下調至1.42元,評級均為「持有」。
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