You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》大摩降香港寬頻(01310.HK)目標價18%至13.5元 偏好香港電訊(06823.HK)受惠5G企業應用
阿思達克 05-03 12:34
摩根士丹利發表研究報告,指本港電訊股最新業績反映市場對網絡質素/服務的需求提升,重點反而不在定價。香港寬頻(01310.HK)業績連續兩個半年度遜預期。該行料其每股分派增長未來數年將與香港電訊(06823.HK)靠近。考慮逾6厘股息率,該行維持對香港寬頻及香港電訊予「增持」評級,但計及5G潛在上行空間,即使近期香港電訊股價跑贏,大摩仍偏好香港電訊多於香港寬頻,前者並為亞洲電訊板塊首選;香港電訊目標價維持14元不變,並下調香港寬頻目標價18%,由16.5元降至13.5元,以反映企業客戶收入增長放緩。

報告稱,據該行估算,撇除漫遊收入虧損及一次性項目,香港電訊去年下半年稅息折舊及攤銷前盈利(EBITDA)隨本港經濟復甦。不過,香港寬頻截至2月底止上半財年EBITDA倒退約5%,主因對住宅及企業客戶推廣增加。另一方面,去年兩企寬頻客戶數量大致穩定,意味在疫情後客戶較少純粹因定價吸引轉換網絡服務供應商。

大摩指出,香港寬頻透過進取定價,成功贏得住宅市場寬頻市佔,近數年公司將焦點由擴大市佔轉至提升ARPU。其未來增長料主要來自企業客戶層面,公司冀從香港電訊搶奪市佔。不過,報告料在企業客戶層面「撬客」難度相對住宅客戶明顯較高,企業客戶對網絡質素的重視多於定價高低。

報告續指出,私人企業對資訊科技開支維持審慎態度,但香港電訊在公共領域已見復甦。政府資訊科技總監辦公室(OGCIO)估算政府資訊與通訊(ICT)開支於截至今年3月底年度升幅由對上一年度的10%加快至15%。在企業層面方面,香港電訊在5G企業應用有更大增長潛力,料今年項目將恢復。

大摩料香港電訊每股分派增長將由2020年的1%復甦至2023年預測達5%,並料香港寬頻每股分派增長將由2020財年的7%正常化至2023財年料約5%至6%。在此期間,該行認為香港電訊5G企業應用迎來上行空間,而香港寬頻在中小企業務復甦方面面臨不確定性。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account