《大行报告》野村降中电信(00728.HK)目标价至3.5元 下调联通(00762.HK)目标价至5.3元
野村发表报告表示,内地三大电讯公司去年度业绩显示,由於更有利的竞争环境和新兴业务的强劲增长,去年服务收入增长出现复苏;惟因5G网络运营成本上涨令整体毛利率持续受压。截至今年2月底,三大电讯商累计录3.61亿个5G套餐用户,渗透率达22.6%。
报告又指,由於采用了较低频段的5G频谱及「共同共享共建」项目,加上电讯公司继续对资本支出进行审慎控制,料今年整体资本开支按年升低单位数。
该行认为,电讯业最差的时间已过去,主因基本面持续有改善及成本控制,惟下调三大电讯商2021至2023年度盈利预测,当中中电信(00728.HK)降3%至4%,中移(00941.HK)降0.2%至0.6%,以及联通(00762.HK)降4%至7%,又将中电信目标价由3.6元下调至3.5元,联通亦由6.5元降至5.3元;维持「买入」评级,而中电信为行业首选。
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