《大行報告》大摩下調中資電訊股目標價 首選中移動(00941.HK)
摩根士丹利就中國電訊企業今年的前景看法發表研究報告,預期今年的收入、盈利及股息將會進一步提升,主要是受到5G普及率提升及工業互聯網貢獻所帶動。該行預期服務收入增長4%(去年為增長3.3%),帶動中國移動(00941.HK)及中國電信(00728.HK)盈利及股息增長2至5%,對比去年為持平,而中國聯通(00762.HK)則料增長11%(去年為增長10%)。
該行預期在2020至2022年5G推出週期中,電訊企業的資本開支將被控制在每年少於10%的增長水平,今年的資本開支料按年增長8%。
另外,該行認為最近美國行政命令限制美國投資中國企業的的措施,令市場措手不及。中國三大電訊商均受到影響,被全球指數提供商剔除,其美股ADR在本月從美國交易所退市。該行估計,中國移動將見最大的資金流出,料約44億美元,其次是中國電信及中國聯通,料分別涉及9億及6億美元。
大摩維持三大電訊商的盈利預測不變,但將中國鐵塔(00788.HK)的2020至2022年每股盈利預測下調10至16%,以反映鐵塔收入增長放緩。投資的順序首選中國移動,其次是中國聯通、中國電信及中國鐵塔。
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