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《大行報告》瑞信下調本港電訊股目標價 數碼通(00315.HK)評級降至「中性」
阿思達克 06-23 10:36
瑞信報告指出,本港漫遊業務佔移動服務收入比例較高,預期今年下半年旅遊活動減少,及在大灣區不可避免地取消漫遊費,將導致2019-22財年移動服務收入的複合年增長率下降0.4%,該行下調本港電訊股目標價。

該行指,基於香港寬頻(01310.HK)不再將其焦點放在搶佔市場份額,與香港電訊(06823.HK)在寬頻市場上具良性競爭,兩者市場份額分別為35.5%及47.8%,料至2021年住宅寬頻收入年複合增長率上升1.8%。而來自企業客戶的電訊解決方案需求將刺激固網電話收入,料2019-22年相關收入年複合增長率2.6%。

該行維持香港電訊「跑贏大市」評級,因其2020年股息收益率達6.1%,目標價則由14元降至13.8元。該行給予香港寬頻「跑贏大市」評級,惟在宏觀經濟疲弱下,集團收購WTT後在收入協同方面的執行力存風險,因此下調其2020年每股盈測21.7%,目標價由16.4元降至16.1元。此外,數碼通(00315.HK)評級由「跑贏大市」降至「中性」,因其漫遊業務佔比較高,目標價由5.9元降至4.7元。

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