《大行报告》瑞信:内地电讯业收入持续复苏 首选铁塔及中移动
瑞信发表报告指,内地工信部公布今年5月的行业收入数据,流动通讯板块的复苏持续,在用户恢复工作後,5月流动服务收入按月进一步增长0.7%,按年计亦回复正增长,录0.4%上升。至於固网收入则因复工而录得按月下跌1.4%,但整体趋向较高的固网数据使用,按年计收入仍有14.1%上升。另外,行业服务收入由4月的按年增3.4%,加快至5月的按年增4.6%。
该行表示,由於行业竞争环境改善,及携号的影响最小,中移动(00941.HK)现时看似被超卖,相信集团的规模优势可使其建构5G网络,及维持合理的资本回报和5.7%的可持续股息收益率。瑞信对中移动评级为「跑赢大市」,目标价78.5元,并为行业首选。
另外,该行认为中国铁塔(00788.HK)是中国推出5G网络的主要受惠者,在营运商承诺需求下今年的基站数目达56万个,相信集团的收入、EBITDA及纯利可享受结构性增长。而更重要的是,预计内地今年5G的推出不会因华为芯片供应的纠纷而有改变。瑞信对铁塔评级为「跑赢大市」,目标价2.55元,同样为行业首选。
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