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《大行報告》瑞信下調中國通信服務(00552.HK)目標價至4.7元 評級「跑贏大市」
阿思達克 02-19 09:56
瑞信發表研究報告指,中國通信服務(00552.HK)預期將於3月底公布2020財年業績,考慮去年下半年復甦情況較想像中困難,該行相應調低業績預測,預計下半年收入按年增長12.8%至692億元人民幣,淨利則按年升14%至15億元人民幣,預測仍符合管理層對全年單位數增長的指引以及市場預期。

該行表示,重點關注疫情後電信基礎設施服務(TIS)業務恢復進度、非電信客戶與內容應用與增值(ACO)分部的增長,以及國內電信成本節省帶來的利潤壓力。

瑞信預計,中國通信服務2021年收入及淨利潤將14.4%及17.2%,電信資本支出預計將在2020年增長12%後有所放緩。該行指,5G推出後TIS將進入適度增長期,另外ACO亦有望成為核心增長動力。

考慮到5G建設步伐不快,瑞信將2020至2022年每股盈利預測分別下調5%、9%及6%,認為增長前景遜於預期,目標價由6.5元下調至4.7元,維持「跑贏大市」評級。

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