《大行报告》汇丰研究上调和电(00215.HK)目标价至1.43元 评级「持有」
汇丰研究发表报告指,和电(00215.HK)2020年度漫游服务收入按年下降50%,导致整体收入按年跌19%,但其他收入表现令人鼓舞,其中企业服务及5G业务贡献增加,令净ARPU上升6%至153元。
该行预期,企业服务将继续为和电的主要增长动力,而5G业务今年亦将可带来更多贡献,期内每名客户平均花费约80至150元由4G转移至5G服务,与邻近地区水平相若。
汇丰研究指,和电与长和系公司的合作夥伴关系有助降低成本,期内成本按年减少15%,考虑到收入前景不理想,认为降低成本对公司有利。该行又指,由於澳门推出实名制注册政策,预付客户数量按年下降15%,但预期对整体收入的影响有限。
该行表示,公司预期未来将保持谨慎,同时继续发掘增长动力,考虑到今年设备销售收入、企业服务及5G业务,预期全年EBITDA将持平,EBIT则将下降19%,目标价由1.38元上调至1.43元,维持评级「持有」。
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