《大行报告》瑞信料美资若对中移动(00941.HK)全面撤资将影响总体股份4.5% 但不损基本面
就美国总统特朗普於近日签署了一项行政命令,禁止任何美国人士对若干中国公司(包括中移动集团、联通集团及中电信集团)的公开交易证券、该等证券的任何衍生证券或旨在为该等证券提供投资机会的证券进行交易,瑞信发表报告表示,中移动(00941.HK)几乎所有收入均来自中国内地,亦没有美国业务营运牌照,从业务营运角度而言,料上述美国禁令不能直接损害中移动的业务。该行维持中移动目标价79.5元及「跑赢大市」投资评级。
另一方面,对中移动股价构潜在不利影响,该行相信是市场担心美国资金流的忧虑。该行团队计算得出,美国资金潜在对中移动港股及ADR流出量,占其总体股份数共4.5%(其中3.5%属中移动港股,其中1%影响属中移动ADR)。
瑞信指,一旦美国资金需流出中资电讯股,估计所造成影响或可能会持续至明年11月撤资最後限期为止,但监於该行认为中国移动,联通和中电信的基本面和现金流不受影响,美国基金和个人投资者则可能会受到影响,该行认为这是机会予非美国投资者增加相关股票比重的机会。此外,该行认为一旦拜登政府对特朗普的禁令的任何逆转,都可能给中资电讯股价带来上行风险。
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