《大行報告》中金升中電信(00728.HK)評級至「跑贏行業」 料盈利迎來轉折點
中金發表報告表示,決定上調對中電信(00728.HK)投資評級,由原來「中性」升至「跑贏行業」,基於今年股息回報4.5厘預測及企業價值對EBITDA約1.8倍估值,目標價維持3.2元。
該行料中電信盈利可迎來轉折點,隨著內地移動互聯網行業日趨成熟,該行認為電信政策不利因素將大為緩解,競爭重點可能從增加用戶市場份額,轉向提高用戶價值。
中金估計內地電信運營商今年的資本支出將保持單位數的增長,而5G週期的資本支出可能會在2021年至2022年達到頂峰。公司與中國聯通(00762.HK)共同建設和共享5G網絡,看到其優化資本支出。該行上調對中電信今明兩年收入預測各2.3%及5.3%。
該行料中電信2020年至2022年純利預測各為213.06億、223.97億及248.31億人民幣,分別按年升3.8%、5.1%及10.9%,對比2019年純利205.17億人民幣(按年跌3.3%)。
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