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《大行報告》野村下調香港寬頻(01310.HK)目標價至13.6元 評級「買入」
阿思達克 04-22 09:53
野村發表的研究報告指,香港寬頻(01310.HK)上半財年服務收入按年升9%至38.4億元,主要受惠整合JOS的全面併入,同時服務EBITDA利潤率跌5.1個百分點至29.1%,主要因為JOS的利潤率相對較低,經調整自由現金流按年跌11%至3.91億元,管理層宣派每股39仙中期息,按年升5%。該行相信公司正由傳統寬頻服務供應商轉型至資訊科技服務供應商及解決方案供應商,以趕上企業數碼化趨勢,不過短期公司或面對本港疫情的影響及利潤壓力,而JOS收購後的協同效應或需要時間才能顯現。該行將公司2021至2023財年經調整溢利預測降6%至10%,以反映EBITDA利潤率較低的影響,維持「買入」評級,目標價由14.4元降至13.6元,認為現時2022財年預測股息率7%仍然吸引。

該行指出公司上半財年住宅收入跌2%,主要因為流動業務收入下降,期內住宅寬頻ARPU大致維持穩定,而訂戶市場份額則收窄1.1個百分點,考慮到疫情於下半財年仍會持續,公司於獲客及ARPU增長方面仍面對障礙,同時公司在住宅市場正推多元化服務,包括推出電商平台「HOME+」,該行估計長遠有利變現其客戶基礎。

在企業市場方面,公司收購WTT及JOS後,企業分部貢獻整體服務收入約68%,相信公司正轉型為ICT解決方案供應商,並透過其網絡基建及企業客戶基礎打入企業數字化的市場。不過轉型會影響到公司短期的盈利能力,因為硬件銷售貢獻將增,但長遠而言該行仍料公司可有穩健增長,相信整合JOS後將有更好的經濟效益及成本協同。

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