野村:維持香港電訊(6823.HK)買入評級 目標價13.32港元
野村發表研究報吿指,香港電訊(6823.HK)2020年收入按年跌2%至324億港元,略低於該行及市場預期。當中電訊服務收入按年升1.8%至224億港元,香港本地數據收入按年升6%、國際電訊業務收入按年升4%,主要受遠距工作的強勁需求,企業數字化等現象帶動。該行維持買入評級,目標價13.32港元。
野村指,香港電訊的移動業務收入按年跌12.3%至104億元,主要由於漫遊及設備銷售受疫情影響。該行認為,公司應保持健康的增長勢頭,已實現5G用户滲透率10%,5G用户平均ARPU提升了70港元。公司管理層的目標是到2021年底實現5G普及率達到20-25%,將導致ARPU增長,並有助於減輕大流行對移動業務的影響。
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