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《大行报告》野村下调香港宽频(01310.HK)目标价至13.6元 评级「买入」
阿思达克 04-22 09:53
野村发表的研究报告指,香港宽频(01310.HK)上半财年服务收入按年升9%至38.4亿元,主要受惠整合JOS的全面并入,同时服务EBITDA利润率跌5.1个百分点至29.1%,主要因为JOS的利润率相对较低,经调整自由现金流按年跌11%至3.91亿元,管理层宣派每股39仙中期息,按年升5%。该行相信公司正由传统宽频服务供应商转型至资讯科技服务供应商及解决方案供应商,以赶上企业数码化趋势,不过短期公司或面对本港疫情的影响及利润压力,而JOS收购後的协同效应或需要时间才能显现。该行将公司2021至2023财年经调整溢利预测降6%至10%,以反映EBITDA利润率较低的影响,维持「买入」评级,目标价由14.4元降至13.6元,认为现时2022财年预测股息率7%仍然吸引。

该行指出公司上半财年住宅收入跌2%,主要因为流动业务收入下降,期内住宅宽频ARPU大致维持稳定,而订户市场份额则收窄1.1个百分点,考虑到疫情於下半财年仍会持续,公司於获客及ARPU增长方面仍面对障碍,同时公司在住宅市场正推多元化服务,包括推出电商平台「HOME+」,该行估计长远有利变现其客户基础。

在企业市场方面,公司收购WTT及JOS後,企业分部贡献整体服务收入约68%,相信公司正转型为ICT解决方案供应商,并透过其网络基建及企业客户基础打入企业数字化的市场。不过转型会影响到公司短期的盈利能力,因为硬件销售贡献将增,但长远而言该行仍料公司可有稳健增长,相信整合JOS後将有更好的经济效益及成本协同。

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