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《大行报告》瑞银上调中移动(00941.HK)目标价至76元 评级「买入」
阿思达克 03-26 10:13
瑞银发表研究报告,指中移动(00941.HK)去年纯利增长1%,大致符早前指引,公司料纯利今年稳定增长。去年度每股派息增1%,管理层不排除未来增派息,视乎今年盈利表现及现金流生成。

报告称,由於5G相关投资,去年维修成本大幅增加17%,管理层预期今年有关成本增长大幅放缓(料按年仅升5%)。中移动管理层亦指出,料流动ARPU今年靠稳或上升,对上一年则跌3.5%,并留意到行业有收入动力改善迹象(首两月收入增6%)。瑞银维持对内地电讯行业经营乐观看法;考虑其现估值仅相当於预测市盈率8倍,较历史均值低出近两个标准差,维持予中移动「买入」评级,以市盈率及现金流折现率为综合估值基础,目标价由72元升至76元。

瑞银升中移动2021至2023年各年每股盈测分别2%、5%及3%,以反映去年业绩略胜预期,及首两月收入增长势头胜预期。该行称,其今年资本开支指引低於瑞银早前预测,但维持中移动长远资本开支预测不变。

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