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《大行報告》摩通下調香港寬頻(01310.HK)目標價至13.5元 評級「增持」
阿思達克 04-22 09:31
摩根大通發表的研究報告指,香港寬頻(01310.HK)上半財年住宅寬頻業務表現緩慢,期內JOS收入貢獻增加,不過EBITDA趨勢仍然較弱,公司目標今年每股派息增長為中單位數。該行欣賞公司在增長方面採積極態度,同時估計最近推出的電商平台與現有電訊業務將有更多協同效應,維持「增持」評級,認為其股息率較高,加上派息增長前景較快,目標價由14.5元降至13.5元,認為假如投資者尋求股價波動較細及長遠派息穩定的股份,香港電訊(06823.HK)則是較好的收息股。

該行指出上半財年公司收入按年持平,認為主要受經濟弱勢、疫情下推廣活動等因素拖累,同時公司住宅業務市場份額亦有所下降,加上流動MVNO業務收縮,拖累住宅業務收入跌2%。企業及產品收入方面收入則分別升15%及157%,主要受惠JOS收入整合等,如撇除相關因素估計來自WTT及香港寬頻企業業務自身的收入增長應為中單位數。由於JOS方面的利潤較低,整合後EBITDA僅按年升2%,利潤率亦收窄8個百分點,假如撇除政府的「保就業」計劃影響,EBITDA應呈跌勢。

該行指出公司夥大昌行、嘉里物流等推出電商平台HOME+,平台已與逾500商戶及品牌合作,提供約1萬款產品予消費者,公司在相關合營投資約4,000萬元,不過上半財年對公司財務影響有限。(el/a) ~

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