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《大行報告》瑞銀下調中通服(00552.HK)目標價至6.1元 評級「買入」
阿思達克 03-31 14:14
瑞銀發表的研究報告指中通服(00552.HK)自疫情開始復甦,去年全年收入及淨利分別按年增長4.5%及1.1%,大致符合預期。期內電訊業務收入跌3.4%,主要因為市場競爭及部份電訊企業將工程轉為內部進行,非電訊業務收入按年增長18.8%,貢獻整體收入約四成。不過,期內派息比率未有提升令人失望,管理層似乎更聚焦於長遠規模發展及新業務。另外管理層透露混改持續,並正等待母公司及政府部門的反饋,管理層對前景似乎有信心,但估計毛利率仍然受壓。考慮到公司去年業績符預期,該行將盈利預測下調以反映新業務方面的投資,重申「買入」評級,目標價由6.6元降至6.1元。

瑞銀指出管理層似乎排除短期內進一步提升派息的可能性,並強調將聚焦於規模及能力發展,估計將需要動用現金。而去年資本開支增長主要是基於一次性物業收購,管理層料資本開支未來將維持穩定。

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