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《大行报告》汇丰研究下调电盈(00008.HK)目标价至4.9元 评级「持有」
阿思达克 02-08 10:11
汇丰研究发表报告,电讯盈科(00008.HK)旗下Viu的OTT业务持续增长,但视频增长被音乐业务收入下跌所抵销。EBITDA亏损於去年下半年轻微收窄,但对比2019年EBITDA亏损已减半,管理层预期未来一至两年可以收支平衡。免费电视业务呈相关趋势,因目前广告收入和市占率见增长,Now TV EBITDA见稳定,虽然收入减少,相信在今年有更多体育项目恢复後而有改善。

该行指出,电盈企业解决方案方面经常性收入增长强劲,按年增27%,部分由於东南亚业务扩张;公司在手订单强劲,数据中心方面於香港和东南亚需求续强劲,收入按年升15%。

汇丰研究降电盈2021至2022年销售预期3.6%至4.5%,以反映旗下盈大地产(00432.HK)表现较弱,降EBITDA预期4.2至5.5%。该行留意到电盈去年就盈大地产日本北海道二世古Park Hyatt Niseko项目的减值相关亏损,并指盈大地产属电盈未来纯利的不确定因素。汇丰研究将电盈目标价由5.4元降9.3%至4.9元,评级「持有」。

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