《大行報告》傑富瑞:聯通(00762.HK)業績顯著改善 料中電信及中移動趨勢均正面
傑富瑞發表報告表示,從中國鐵塔(00788.HK)早前公布業績已顯示對中資電訊股業績影響正面,聯通(00762.HK)昨公布中期強勁的業績表現,再次確認該行的看法,基於聯通一般在行業中錄得最高增長的鐵塔租賃成本,從業績顯示中國鐵塔旗下鐵塔租賃費用放緩。該行指聯通業績顯示,中資電訊商旗下工業互聯網強勁增長,對同業中電信(00728.HK)及中移動(00941.HK)均影響正面。
該行指,參與聯通中期業績分析員會議,看好中資電訊股前景信心增加,指聯通中期撇除一次性資產因素後的EBITDA及純利各高於市場測各5%及23%,並指公司銷售與行銷成本持續下降。
傑富瑞指,聯通今年上半年進行2G、3G及其他舊設備的資產撇賬共12.8億人民幣(對比2019年上半年為1.51億人民幣),指聯通公布業績優於市場及該行預期。該行指,聯通若撇除上述一次性資產因素後的EBITDA高於該行原預期3.5%、純利勝該行原預期21%,期內服務收入、EBITDA及純利各按年升4%、2.8%及26.1%,顯示業務錄得顯著改善。
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