《大行报告》摩通下调香港宽频(01310.HK)目标价至13.5元 评级「增持」
摩根大通发表的研究报告指,香港宽频(01310.HK)上半财年住宅宽频业务表现缓慢,期内JOS收入贡献增加,不过EBITDA趋势仍然较弱,公司目标今年每股派息增长为中单位数。该行欣赏公司在增长方面采积极态度,同时估计最近推出的电商平台与现有电讯业务将有更多协同效应,维持「增持」评级,认为其股息率较高,加上派息增长前景较快,目标价由14.5元降至13.5元,认为假如投资者寻求股价波动较细及长远派息稳定的股份,香港电讯(06823.HK)则是较好的收息股。
该行指出上半财年公司收入按年持平,认为主要受经济弱势、疫情下推广活动等因素拖累,同时公司住宅业务市场份额亦有所下降,加上流动MVNO业务收缩,拖累住宅业务收入跌2%。企业及产品收入方面收入则分别升15%及157%,主要受惠JOS收入整合等,如撇除相关因素估计来自WTT及香港宽频企业业务自身的收入增长应为中单位数。由於JOS方面的利润较低,整合後EBITDA仅按年升2%,利润率亦收窄8个百分点,假如撇除政府的「保就业」计划影响,EBITDA应呈跌势。
该行指出公司夥大昌行、嘉里物流等推出电商平台HOME+,平台已与逾500商户及品牌合作,提供约1万款产品予消费者,公司在相关合营投资约4,000万元,不过上半财年对公司财务影响有限。(el/a) ~
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