《大行报告》花旗下调数码通(00315.HK)目标价5.1元 评级「买入」
花旗发表的研究报告指,数码通(00315.HK)2020财年净利按年跌40.1%,与早前盈警一致,期内收入按年跌17%,主要因为数据漫游收入按年跌25%以及手机销售按年跌36.4%,如撇除IFRS16带来的影响及一次性成本调整,期内基本EBITDA按年跌9%。该行认为公司可借助香港的流动市场增长,并将受惠5G及新iPhone推出,但估计宏观环境弱势及市场竞争等将为公司盈利增长带来压力,将公司2021至2022财年的预测降25%至36%,目标价由6.7元降至5.1元,评级「买入」。
该行指出数码通2020财年净利按年跌40.1%至3.79亿元,主要受累於数据漫游收入,如撇除数据漫游的影响期内服务收入按年增长3%,而EBITDA利润率则由2019财年的21.9%升至23.5%。期内流动用户增长6%至270万户,而後付ARPU则按年跌6%至210元,主要因为疫情对数据漫游带来影响。
公司於5月推出5G服务,而企业解决方案及5G家居宽频将为新的收入来源,而2020财年公司资本开支为6.41亿元,按年升15.4%,管理层估计2021财年的资本开支将按年维持稳定,而2020至2024财年的整体资本开支与2015至2019财年相若。管理层指现时其5G网络已覆盖约八成人口,估计到2021财年中可达全覆盖。
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