《大行报告》瑞银上调数码通(00315.HK)目标价至4元 评级「沽售」
瑞银发表的研究报告指,数码通(00315.HK)上半财年服务收入按年跌10%,主要为为漫游收入流失,撇除相关因素本地收入较对上财年下半年增3%,主要受惠企业解决方案业务及5G贡献,现时5G订户占整体客户基础一成,而平均月费高出50至100元表现亦令人鼓舞,虽然收入下跌,但公司盈利表现稳定,相信是由於成本管理有效,以及其内获政府补贴7,000万元。不过该行认为成本管控措施长远或不利公司留客,而流动服务市场有挑战,故维持「沽售」评级,目标价由3.9元升至4元。
该行指出由於用户升级至5G後月费增50至100元,估计未来数季用户转向5G将带来上行潜力,此外疫苗接种计划在全球推出,相信国际旅游将重现并助流动服务表现,不过估计相关影响在2022财年前影响不大。
在具挑战的流动服务环境下,公司采取了一系列节省成本措施,包括是减少员工成本、降低网络维修开支等,公司指仍有空间提升效益,不过该行担心或会影响公司品牌形象及留客能力。
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