一文了解券商於中移動(00941.HK)公布季績後最新目標價及觀點
中移動(00941.HK)今早股價造好，公司於第三季末5G套餐客戶總數達到1.14億戶，已提早完全今年原定上客目標，券商指5G業務及同業競爭更趨理性，均助中移動收入呈蘇；該股今早股價盤中曾高見51.4元一度升2.9%，最新升1.9%報50.9元，同業聯通(00762.HK)及中電信(00728.HK)股價亦分別彈高6.7%及6.7%。
中移動昨(20日)收市後公布，今年首三季營運收入為5,744億元人民幣按年升1.4%；EBITDA為2,169億人民幣按年下降3.8%；利潤為816億人民幣按年降0.3%。單計中移動今年第三季利潤則按年錄正增長，今年首三季營運收入中通信服務收入為5,257億人民幣按年升2.5%；銷售產品收入及其他為487億人民幣，按年下跌9.2%。
【季績符預期 5G上客佳】
中金指中移動今年第三季收入端延續向好趨勢，盈利水平保持穩，指今年第三季淨利潤按年小幅提升0.4%至258億人民幣，符合該行預期。該行指，中移動業務ARPU維持穩定，固網業務ARPU改善明顯。截至第三季度末，中移動已累計建成5G基站35萬個，遠快於年初建成30萬站的建設計劃。該行預計中移動將在年內繼續加快5G網絡建設，結合5G設備成本下探趨勢，保持全年5G資本開支預算1,050億人民幣的指引。
摩根士丹利發表報告表示，中移動第三季服務收入略高於該行原預期1.6%，期內純利大致符合預期，截至今年9月5G業務在內地滲透率12%，指公司推出5G服務十一個月以來上客達1.14億戶，較推出4G服務首十一個月上客9.01億戶為快，指公司盈利迎來拐點正如期推進，維持「增持」評級及目標價80元。花旗料中移動旗下移動業務於今年第四季收入可持續增長，指其穩定的派息指引及盈利透明度，可提振其股價表現，維持「買入」評級。
麥格理則指，中移動第三季服務業務收入輕微優預期，但EBITDA則遜市場預期4%，基於中移動兩季服務業務收入錄增長，令該行料中電信及聯通第三季收入可呈強勁，並料中電信可續在中移動旗下移動電訊業務中取得市場份額。
本網最新綜合10間券商其投資評級及目標價：
券商│投資評級│目標價(港元)
美銀證券│買入│90元
摩根士丹利│增持│80元
瑞信│跑贏大市│79.5元
花旗│買入│76元
摩根大通│增持│73元
傑富瑞│買入│71.08元
麥格理│跑贏大市│70.15元
瑞銀│買入│68元
中金│跑贏行業│65元
高盛│中性│56.8元
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券商│觀點
美銀證券│ARPU增長受5G所帶動，銷售費用受控
摩根士丹利│第三季業績符合市場預期，收益錄增長
瑞信│首三季服務收入及淨利潤增長穩定，有信心維持6.5%股息率
花旗│第三季收益輕微增長，預計第四季移動收入增長持續
摩根大通│收入增長較預期快，收益目標趨於平穩
傑富瑞│季績無驚敼，料移動業務市場份額流失予中電信(00728.HK)
麥格理│雖然5G客戶達1.14億戶，但綜合ARPU按年下滑
瑞銀│5G用戶已超過今年目標，指第三季業績積極正面
中金│收入端延續向好趨勢，盈利水平保持穩
高盛│第三季收益符合市場預期，但息稅折舊攤銷前利潤仍存壓力
(ta/w)
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