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《大行报告》花旗:纽交所对三大中国电讯企业展开退市程序 可能短期造成沽售压力
阿思达克 01-04 10:16
花旗发表的研究报告指,纽约证券交易所於2020年12 31日指会将中移动(00941.HK)、联通(00762.HK)及中电信(00728.HK)的ADR除牌,以遵从美国於去年11月12日发出的行政命令,禁止美国人投资与中国军方有关联的企业,而三大电讯商除牌工作已开始,并将於1月7至11日暂停交易。

该行认为交易所决定将三大电信商ADR除牌或短期为股份带来沽压,不过中资电讯商主要聚焦於中国内地,加上有稳健的基本面、复苏趋势及正现金流,估计将不受除牌影响,维持对中移动「买入」评级,维持流动电讯服务供应商的首选,同时亦维持对中电信「买入」评级,认为公司可受惠市场份额扩张及与联通共享网络,而联通评级则为「中性」,认为其面对盈利压力较同业为大,而流动及固网宽带业务亦面对弱势,选股次序为中移动、中电信及联通。

该行指出美国投资者需要在2021年11月11日前沽清三大电讯商的持股,而ADR约占整体H股的1%至4%左右,认为ADR股东或会将其持股转为H股并随之沽售,将为其H股带来沽压。此外投资者对股份防御能力的不确定性增加,或会抗拒持有相关股份,同时股份亦有机会被MSCI及富时等剔出指数名单,或会为其H股带来更大沽压。

不过该行亦指出,在正面的情况来看,非美国投资者或会视为买入机遇,因为现时估值便宜,加上电讯商基本面前景改善情况未变,而出现沽售後估值更见吸引。

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