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瑞信:維持中國聯通(0762.HK)跑贏大市評級 目標價6.35港元
格隆匯 03-12 12:33

瑞信發表研究報吿,稱中國聯通(0762.HK)去年第四季移動服務收入按年增3.9%,較第一及第二季跌4.1%及1.4%,以及第三季增長2.5%改善。集團去年全年整體服務收入增4.3%,符合預期。

由於5G營運支出上升及EBITDA跌0.3%,去年EBITDA利潤率跌1.6個百分點。隨着利息成本持續下降,淨利潤增10.3%,較市場預期低1.9%,但高於該行預期高1%。與中電信(0728.HK)相似,聯通今年資本開支預算增3.5%,至700億元人民幣,而集團預期這水平已是高峯,2023年將下降。

該行下調對其今年資本開支預測5.1%,上調每股盈利1.6%。雖然聯通的防守性不及中移動(0941.HK),但其現價僅相當於市帳率0.4倍,維持跑贏大市評級,目標價6.35港元。

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