《大行报告》杰富瑞:联通(00762.HK)业绩显着改善 料中电信及中移动趋势均正面
杰富瑞发表报告表示,从中国铁塔(00788.HK)早前公布业绩已显示对中资电讯股业绩影响正面,联通(00762.HK)昨公布中期强劲的业绩表现,再次确认该行的看法,基於联通一般在行业中录得最高增长的铁塔租赁成本,从业绩显示中国铁塔旗下铁塔租赁费用放缓。该行指联通业绩显示,中资电讯商旗下工业互联网强劲增长,对同业中电信(00728.HK)及中移动(00941.HK)均影响正面。
该行指,参与联通中期业绩分析员会议,看好中资电讯股前景信心增加,指联通中期撇除一次性资产因素後的EBITDA及纯利各高於市场测各5%及23%,并指公司销售与行销成本持续下降。
杰富瑞指,联通今年上半年进行2G、3G及其他旧设备的资产撇账共12.8亿人民币(对比2019年上半年为1.51亿人民币),指联通公布业绩优於市场及该行预期。该行指,联通若撇除上述一次性资产因素後的EBITDA高於该行原预期3.5%、纯利胜该行原预期21%,期内服务收入、EBITDA及纯利各按年升4%、2.8%及26.1%,显示业务录得显着改善。
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