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《大行报告》大摩下调中资电讯股目标价 首选中移动(00941.HK)
阿思达克 01-18 11:33
摩根士丹利就中国电讯企业今年的前景看法发表研究报告,预期今年的收入、盈利及股息将会进一步提升,主要是受到5G普及率提升及工业互联网贡献所带动。该行预期服务收入增长4%(去年为增长3.3%),带动中国移动(00941.HK)及中国电信(00728.HK)盈利及股息增长2至5%,对比去年为持平,而中国联通(00762.HK)则料增长11%(去年为增长10%)。

该行预期在2020至2022年5G推出周期中,电讯企业的资本开支将被控制在每年少於10%的增长水平,今年的资本开支料按年增长8%。

另外,该行认为最近美国行政命令限制美国投资中国企业的的措施,令市场措手不及。中国三大电讯商均受到影响,被全球指数提供商剔除,其美股ADR在本月从美国交易所退市。该行估计,中国移动将见最大的资金流出,料约44亿美元,其次是中国电信及中国联通,料分别涉及9亿及6亿美元。

大摩维持三大电讯商的盈利预测不变,但将中国铁塔(00788.HK)的2020至2022年每股盈利预测下调10至16%,以反映铁塔收入增长放缓。投资的顺序首选中国移动,其次是中国联通、中国电信及中国铁塔。

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