《大行報告》瑞銀上調數碼通(00315.HK)目標價至4元 評級「沽售」
瑞銀發表的研究報告指,數碼通(00315.HK)上半財年服務收入按年跌10%,主要為為漫遊收入流失,撇除相關因素本地收入較對上財年下半年增3%,主要受惠企業解決方案業務及5G貢獻,現時5G訂戶佔整體客戶基礎一成,而平均月費高出50至100元表現亦令人鼓舞,雖然收入下跌,但公司盈利表現穩定,相信是由於成本管理有效,以及其內獲政府補貼7,000萬元。不過該行認為成本管控措施長遠或不利公司留客,而流動服務市場有挑戰,故維持「沽售」評級,目標價由3.9元升至4元。
該行指出由於用戶升級至5G後月費增50至100元,估計未來數季用戶轉向5G將帶來上行潛力,此外疫苗接種計劃在全球推出,相信國際旅遊將重現並助流動服務表現,不過估計相關影響在2022財年前影響不大。
在具挑戰的流動服務環境下,公司採取了一系列節省成本措施,包括是減少員工成本、降低網絡維修開支等,公司指仍有空間提升效益,不過該行擔心或會影響公司品牌形象及留客能力。
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