《大行报告》摩通上调和电(00215.HK)目标价至1.5元 评级「中性」
摩根大通发表研究报告,指出和记电讯香港(00215.HK)的盈利跌幅在去年下半年有所缓和,主要是因为本地业务具韧性及严格的成本控制抵消了漫游的疲弱表现。
由於5G开支增加,公司指引今年度的资本开支将按年增长超过50%,超出市场预期,但派息比率增长及有机会派特别息对市场而言是正面的。全年派息比率由75%提升至100%,每股派息按年增加12%至7.49仙。另外,管理层暗示将会在今年上半年派发特别息。
基於其在香港电讯业相对较高的预付费订户业务占比及相对其他同业较低的股息收益率,维持「中性」投资评级。随着重新拍卖的4G频谱相关成本的摊销增加,盈利压力或会加剧;目标价由1.4元升至1.5元。
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