《大行報告》花旗下調數碼通(00315.HK)目標價5.1元 評級「買入」
花旗發表的研究報告指,數碼通(00315.HK)2020財年淨利按年跌40.1%,與早前盈警一致,期內收入按年跌17%,主要因為數據漫遊收入按年跌25%以及手機銷售按年跌36.4%,如撇除IFRS16帶來的影響及一次性成本調整,期內基本EBITDA按年跌9%。該行認為公司可借助香港的流動市場增長,並將受惠5G及新iPhone推出,但估計宏觀環境弱勢及市場競爭等將為公司盈利增長帶來壓力,將公司2021至2022財年的預測降25%至36%,目標價由6.7元降至5.1元,評級「買入」。
該行指出數碼通2020財年淨利按年跌40.1%至3.79億元,主要受累於數據漫遊收入,如撇除數據漫遊的影響期內服務收入按年增長3%,而EBITDA利潤率則由2019財年的21.9%升至23.5%。期內流動用戶增長6%至270萬戶,而後付ARPU則按年跌6%至210元,主要因為疫情對數據漫遊帶來影響。
公司於5月推出5G服務,而企業解決方案及5G家居寬頻將為新的收入來源,而2020財年公司資本開支為6.41億元,按年升15.4%,管理層估計2021財年的資本開支將按年維持穩定,而2020至2024財年的整體資本開支與2015至2019財年相若。管理層指現時其5G網絡已覆蓋約八成人口,估計到2021財年中可達全覆蓋。
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