《大行报告》大摩:中资电讯股资金面受美禁令影响 但基本面正面
摩根士丹利发表研究报告指,美国发出行政命令,禁止美国企业和个人投资由中国解放军拥有或控制的约3家企业,当中包括中国三大电信商。该行估计,美国机构投资者的自由流通量对三大电信商占比为约15%至30%,认为虽然公司基本面稳定,且估值较低,但消息仍会产生影响。
报告指出,该行政命令将从2021年1月11日开始生效,目前尚不清楚执行命令的确切范围,预期未来将发布进一步的指引,消息公布後三大电信商股价即下挫,截至11月16日中移动(00941.HK)、中电信(00728.HK)及中联通(00762.HK)累计下跌8%、11%及8%,其中中移动及联通有约16%至17%自由流通量由美国机构投资者持有,而中电信的H股和ADR则有约29%由美国机构投资者持有。
大摩预期,2020年三家电信运营商的收入将稳定下来,当中,联通的净利可望按年增长12%,预期在5G普及化及ARPU提升下,三大电信商基本面仍然稳健。该行分别给予中电信、联通及中移动目标价3.4元、8元及80元,同予「增持」评级。
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