《大行报告》大摩升和电香港(00215.HK)评级至「增持」 上调数码通(00315.HK)目标价
摩根士丹利发表研究报告,重申香港为亚洲5G发展最佳的市场,指出本港电讯资营运商去年下半年业绩中5G表现均令人鼓舞,考虑到即将迎来5G升级周期,以及稳定的市场竞争环境,首选股份为香港电讯(06823.HK),其後依次为香港宽频(01310.HK)、和电香港(00215.HK)、电讯盈科(00008.HK),最後为数码通(00315.HK)。
报告指出,电讯商2020年下半年5G服务ARPU(每月户平均收入)提升50至150元,相当於增长20%至30%,预期虽然要到2023至2024年市场才能完全复苏,但单是5G就能在未来三年内推动移动服务收入增长3%至4%,倘计入数据漫游收入恢复料可增长约5%。
大摩认为,和电香港提升去年派息率至年度溢利的100%,每股派息按年增长12%,并透露如果今年上半年没有特别投资,或於中期派发特别息,将评级由「与大市同步」调升至「增持」,目标价由1.3元提升至1.7元。考虑到频谱摊销成本增加可能会拖累收入,维持数码通「与大市同步」评级,目标价由5.2元升至5.5元。
另外,由於数据需求激增,大摩认为数据中心市场亦具有上升空间,新意网(01686.HK)为该行首选。
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