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《大行報告》花旗:紐交所對三大中國電訊企業展開退市程序 可能短期造成沽售壓力
阿思達克 01-04 10:16
花旗發表的研究報告指,紐約證券交易所於2020年12 31日指會將中移動(00941.HK)、聯通(00762.HK)及中電信(00728.HK)的ADR除牌,以遵從美國於去年11月12日發出的行政命令,禁止美國人投資與中國軍方有關聯的企業,而三大電訊商除牌工作已開始,並將於1月7至11日暫停交易。

該行認為交易所決定將三大電信商ADR除牌或短期為股份帶來沽壓,不過中資電訊商主要聚焦於中國內地,加上有穩健的基本面、復甦趨勢及正現金流,估計將不受除牌影響,維持對中移動「買入」評級,維持流動電訊服務供應商的首選,同時亦維持對中電信「買入」評級,認為公司可受惠市場份額擴張及與聯通共享網絡,而聯通評級則為「中性」,認為其面對盈利壓力較同業為大,而流動及固網寬帶業務亦面對弱勢,選股次序為中移動、中電信及聯通。

該行指出美國投資者需要在2021年11月11日前沽清三大電訊商的持股,而ADR約佔整體H股的1%至4%左右,認為ADR股東或會將其持股轉為H股並隨之沽售,將為其H股帶來沽壓。此外投資者對股份防禦能力的不確定性增加,或會抗拒持有相關股份,同時股份亦有機會被MSCI及富時等剔出指數名單,或會為其H股帶來更大沽壓。

不過該行亦指出,在正面的情況來看,非美國投資者或會視為買入機遇,因為現時估值便宜,加上電訊商基本面前景改善情況未變,而出現沽售後估值更見吸引。

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