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《大行報告》野村降中電信(00728.HK)目標價至3.5元 下調聯通(00762.HK)目標價至5.3元
阿思達克 04-15 10:15
野村發表報告表示,內地三大電訊公司去年度業績顯示,由於更有利的競爭環境和新興業務的強勁增長,去年服務收入增長出現復甦;惟因5G網絡運營成本上漲令整體毛利率持續受壓。截至今年2月底,三大電訊商累計錄3.61億個5G套餐用戶,滲透率達22.6%。

報告又指,由於採用了較低頻段的5G頻譜及「共同共享共建」項目,加上電訊公司繼續對資本支出進行審慎控制,料今年整體資本開支按年升低單位數。

該行認為,電訊業最差的時間已過去,主因基本面持續有改善及成本控制,惟下調三大電訊商2021至2023年度盈利預測,當中中電信(00728.HK)降3%至4%,中移(00941.HK)降0.2%至0.6%,以及聯通(00762.HK)降4%至7%,又將中電信目標價由3.6元下調至3.5元,聯通亦由6.5元降至5.3元;維持「買入」評級,而中電信為行業首選。

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