富瑞:下調中通服(0552.HK)目標價至6.54港元 維持買入評級
富瑞發表研究報告指,由於中國5G規模縮減,該行將中國電信企業的5G資本開支削減25%,並將中國通信服務(0552.HK)今年至2026年的營運收入降低16%,但被對公司在內地的信息通信(ICT)業務更樂觀看法所抵銷。將公司目標價由原來的6.72港元降至6.54港元,評級維持買入。
富瑞表示,中通服上半年在新型冠狀病毒肺炎疫情之下,仍錄得強勁的業績表現,混合制改革仍是未來關鍵的積極催化劑。公司管理層預期今年電信基礎設施服務(TIS)的業務收入持平,意味下半年的增長將恢復至14%至15%。
該行認為,疫情之後的ICT業務增長前景將會變得更強。儘管大部分中國公司的業務在疫情期間都受到至少兩個月的阻礙,但中通服的ICT業務仍實現3.7%的按年增長,以及5.8%的半年度增長,相信有關新基礎設施的投資將有更多轉化成公司的ICT項目。

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