《大行報告》瑞信料美資若對中移動(00941.HK)全面撤資將影響總體股份4.5% 但不損基本面
就美國總統特朗普於近日簽署了一項行政命令,禁止任何美國人士對若干中國公司(包括中移動集團、聯通集團及中電信集團)的公開交易證券、該等證券的任何衍生證券或旨在為該等證券提供投資機會的證券進行交易,瑞信發表報告表示,中移動(00941.HK)幾乎所有收入均來自中國內地,亦沒有美國業務營運牌照,從業務營運角度而言,料上述美國禁令不能直接損害中移動的業務。該行維持中移動目標價79.5元及「跑贏大市」投資評級。
另一方面,對中移動股價構潛在不利影響,該行相信是市場擔心美國資金流的憂慮。該行團隊計算得出,美國資金潛在對中移動港股及ADR流出量,佔其總體股份數共4.5%(其中3.5%屬中移動港股,其中1%影響屬中移動ADR)。
瑞信指,一旦美國資金需流出中資電訊股,估計所造成影響或可能會持續至明年11月撤資最後限期為止,但鑑於該行認為中國移動,聯通和中電信的基本面和現金流不受影響,美國基金和個人投資者則可能會受到影響,該行認為這是機會予非美國投資者增加相關股票比重的機會。此外,該行認為一旦拜登政府對特朗普的禁令的任何逆轉,都可能給中資電訊股價帶來上行風險。
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