《大行報告》野村升中電信(00728.HK)評級至「買入」 目標價上調至3.6元
野村發表研究報告,考慮5G及工業數碼化前景改善,上調中電信(00728.HK)投資評級由「中性」升至「買入」,以貼現現金流估值法計算的目標價由2.9元上調至3.6元,相當於明年預測市盈率9.3倍或預測企業價值對EBITDA倍數2.3倍;現估值則相當於明年預測預測企業價值對EBITDA倍數1.8倍;並上調其今明兩年盈測介乎2%至4%,以反映收入增長潛在加快。
報告稱,中電信去年收入符預期,但純利遜該行及市場預測約2%。該行稱,其A股上市計劃料提振公司價值,因為H股估值現屆歷史低水平;野村料中電信基本面持續改善,主因競爭格局良性,5G滲透領先行業,以及在數據中心及雲服務上的競爭優勢。
該行表示,去年中電信5G套餐客戶淨增8,190萬,今年1月再增1,070萬,滲透率達27.6%跑贏同業。中電信料今年總流動用戶淨增1,200萬,5G用戶增8,000萬。據管理層稱,今年總資本開支料按年升2.6%至870億元人民幣,料進一步紓緩市場對資本開支增加的憂慮。
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