《大行报告》德银上调中移动(00941.HK)目标价至85元 评级「买入」
德银发表的研究报告指,中国移动(00941.HK)去年净利升1%至1,080亿元人民币,略好过该行预期,期内服务收入升3.4%,不过网络成本升17%拖累盈利表现。期内能源开支及铁塔租赁费升约60亿元人民币,而维修及营运开支亦按年升约250亿元人民币,公司指是源於5G大力推出及资讯与通讯科技(ICT)新业务等带来的影响,该行期望收入未来将加快。去年企业收入按年升26%,家居收入则升20%,惟ARPU下跌及流动客户收入跌3%,好消息是公司期望2021年ARPU稳中有升,反映用户转向5G以及行业由流动用户增长转向数码服务增长。
管理层估计收入及现金经营开支增长将类似,故EBITDA利润率将维持平稳,而今年资本开支指引则为1,840亿元,按年增1.5%,或有机会见顶。公司估计基础5G网络在2022年将启用,之後资本开支将缓慢向下,该行估计公司将维持每股派息增长平稳或与每股盈利走势一致,而去年该行每股派息升1%。
该行认为在业绩内中移动未有将公司演绎成企业业务或国际的龙头,当中有14页用(上一年仅9页)於演示业绩,更多用作讲解其IP、数码化业务及满足国际标准的举措,认为对投资者更友善,但公司盈利较十年前低一成,投资者正等待公司有清晰的行动。总括而言该行仍相信公司及行业正缓慢地走向正确方向,目标价由75元升至85元,评级「买入」。(el/u) ~
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