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瑞信:維持數碼通(0315.HK)中性評級 目標價4.7港元
格隆匯 09-04 12:55

瑞信發表研究報告,稱數碼通(0315.HK)2020下半財年服務收入按年跌6.9%,較上半財年有1.4%增長急劇惡化,主要是新型肺炎疫情令到有旅遊限制,導致漫遊收入跌45%。全年度的服務收入按年跌2.7%,為預期之內。與5G相關的營運成本上升及企業業務表現進一步拖累除息税折舊及攤銷前盈利(EBITDA)及盈利分別跌11.7%及37.6%,撇除一次性減值,淨利潤跌24.3%,符合市場預期。

該行稱,雖然集團未有披露5G用户數量,但5G上客情況優於內部預期。隨著10月推出5G iPhone,集團管理層對5G業務有信心,並會在本月推出5G家居寬頻服務。

考慮到國際財務報告準則第16號的影響及2020財年業績,該行上調對其2021財年EBITDA及每股盈利預測54.6%及10.8%。 該行表示,雖然該股便宜,現價為2021財年企業估值(EV/EBITDA)2.1倍,但受到漫遊業務的影響,獲重估機會小,故維持其中性評級,目標價4.7港元。

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