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《大行报告》瑞信下调电盈(00008.HK)目标价至5.03元 评级「中性」
阿思达克 02-08 14:14
瑞信发表研究报告,指出受惠於香港电讯(06823.HK)将89%的股息转嫁予电讯盈科(00008.HK),电讯盈科2020财年的股息符合市场预期,宣布派息末期息每股23仙,导致全年派息每股32.18仙,按年持平。但纯利表现差过预期,主要是因为解决方案业务表现疲弱。

该行指,电盈的解决方案收入按年增长12.3%,较该行预期高出8.5%,主要受数据中心增长及东南亚地区扩张所带动。然而,EBITDA按年跌21.7%,较该行预期低24.2%,主要是受到员工利用率减少、项目成本超支,及坏帐确认等原因所致。

另外,媒体业务收入较该行预期低6.1%,OTT及免费电视服务的收入在2020财年分别录10.8%及22.4%增长,规模扩大及严格的成本控制令EBITDA亏损低於预期。

该行将电盈的2021财年EBITDA及每股盈利分别下调2.4%及5.2%,目标价由原来的5.14元下调至5.03元,维持「中性」投资评级。

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