《大行报告》瑞银下调中通服(00552.HK)目标价至6.1元 评级「买入」
瑞银发表的研究报告指中通服(00552.HK)自疫情开始复苏,去年全年收入及净利分别按年增长4.5%及1.1%,大致符合预期。期内电讯业务收入跌3.4%,主要因为市场竞争及部份电讯企业将工程转为内部进行,非电讯业务收入按年增长18.8%,贡献整体收入约四成。不过,期内派息比率未有提升令人失望,管理层似乎更聚焦於长远规模发展及新业务。另外管理层透露混改持续,并正等待母公司及政府部门的反馈,管理层对前景似乎有信心,但估计毛利率仍然受压。考虑到公司去年业绩符预期,该行将盈利预测下调以反映新业务方面的投资,重申「买入」评级,目标价由6.6元降至6.1元。
瑞银指出管理层似乎排除短期内进一步提升派息的可能性,并强调将聚焦於规模及能力发展,估计将需要动用现金。而去年资本开支增长主要是基於一次性物业收购,管理层料资本开支未来将维持稳定。
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