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《大行報告》匯豐研究下調電盈(00008.HK)目標價至4.9元 評級「持有」
阿思達克 02-08 10:11
匯豐研究發表報告,電訊盈科(00008.HK)旗下Viu的OTT業務持續增長,但視頻增長被音樂業務收入下跌所抵銷。EBITDA虧損於去年下半年輕微收窄,但對比2019年EBITDA虧損已減半,管理層預期未來一至兩年可以收支平衡。免費電視業務呈相關趨勢,因目前廣告收入和市佔率見增長,Now TV EBITDA見穩定,雖然收入減少,相信在今年有更多體育項目恢復後而有改善。

該行指出,電盈企業解決方案方面經常性收入增長強勁,按年增27%,部分由於東南亞業務擴張;公司在手訂單強勁,數據中心方面於香港和東南亞需求續強勁,收入按年升15%。

匯豐研究降電盈2021至2022年銷售預期3.6%至4.5%,以反映旗下盈大地產(00432.HK)表現較弱,降EBITDA預期4.2至5.5%。該行留意到電盈去年就盈大地產日本北海道二世古Park Hyatt Niseko項目的減值相關虧損,並指盈大地產屬電盈未來純利的不確定因素。匯豐研究將電盈目標價由5.4元降9.3%至4.9元,評級「持有」。

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