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《大行报告》野村升中电信(00728.HK)评级至「买入」 目标价上调至3.6元
阿思达克 03-10 11:52
野村发表研究报告,考虑5G及工业数码化前景改善,上调中电信(00728.HK)投资评级由「中性」升至「买入」,以贴现现金流估值法计算的目标价由2.9元上调至3.6元,相当於明年预测市盈率9.3倍或预测企业价值对EBITDA倍数2.3倍;现估值则相当於明年预测预测企业价值对EBITDA倍数1.8倍;并上调其今明两年盈测介乎2%至4%,以反映收入增长潜在加快。

报告称,中电信去年收入符预期,但纯利逊该行及市场预测约2%。该行称,其A股上市计划料提振公司价值,因为H股估值现届历史低水平;野村料中电信基本面持续改善,主因竞争格局良性,5G渗透领先行业,以及在数据中心及云服务上的竞争优势。

该行表示,去年中电信5G套餐客户净增8,190万,今年1月再增1,070万,渗透率达27.6%跑赢同业。中电信料今年总流动用户净增1,200万,5G用户增8,000万。据管理层称,今年总资本开支料按年升2.6%至870亿元人民币,料进一步纾缓市场对资本开支增加的忧虑。

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