《大行報告》瑞信下調電盈(00008.HK)目標價至5.03元 評級「中性」
瑞信發表研究報告,指出受惠於香港電訊(06823.HK)將89%的股息轉嫁予電訊盈科(00008.HK),電訊盈科2020財年的股息符合市場預期,宣布派息末期息每股23仙,導致全年派息每股32.18仙,按年持平。但純利表現差過預期,主要是因為解決方案業務表現疲弱。
該行指,電盈的解決方案收入按年增長12.3%,較該行預期高出8.5%,主要受數據中心增長及東南亞地區擴張所帶動。然而,EBITDA按年跌21.7%,較該行預期低24.2%,主要是受到員工利用率減少、項目成本超支,及壞帳確認等原因所致。
另外,媒體業務收入較該行預期低6.1%,OTT及免費電視服務的收入在2020財年分別錄10.8%及22.4%增長,規模擴大及嚴格的成本控制令EBITDA虧損低於預期。
該行將電盈的2021財年EBITDA及每股盈利分別下調2.4%及5.2%,目標價由原來的5.14元下調至5.03元,維持「中性」投資評級。
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