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《大行报告》大摩降香港宽频(01310.HK)目标价18%至13.5元 偏好香港电讯(06823.HK)受惠5G企业应用
阿思达克 05-03 12:34
摩根士丹利发表研究报告,指本港电讯股最新业绩反映市场对网络质素/服务的需求提升,重点反而不在定价。香港宽频(01310.HK)业绩连续两个半年度逊预期。该行料其每股分派增长未来数年将与香港电讯(06823.HK)靠近。考虑逾6厘股息率,该行维持对香港宽频及香港电讯予「增持」评级,但计及5G潜在上行空间,即使近期香港电讯股价跑赢,大摩仍偏好香港电讯多於香港宽频,前者并为亚洲电讯板块首选;香港电讯目标价维持14元不变,并下调香港宽频目标价18%,由16.5元降至13.5元,以反映企业客户收入增长放缓。

报告称,据该行估算,撇除漫游收入亏损及一次性项目,香港电讯去年下半年税息折旧及摊销前盈利(EBITDA)随本港经济复苏。不过,香港宽频截至2月底止上半财年EBITDA倒退约5%,主因对住宅及企业客户推广增加。另一方面,去年两企宽频客户数量大致稳定,意味在疫情後客户较少纯粹因定价吸引转换网络服务供应商。

大摩指出,香港宽频透过进取定价,成功赢得住宅市场宽频市占,近数年公司将焦点由扩大市占转至提升ARPU。其未来增长料主要来自企业客户层面,公司冀从香港电讯抢夺市占。不过,报告料在企业客户层面「撬客」难度相对住宅客户明显较高,企业客户对网络质素的重视多於定价高低。

报告续指出,私人企业对资讯科技开支维持审慎态度,但香港电讯在公共领域已见复苏。政府资讯科技总监办公室(OGCIO)估算政府资讯与通讯(ICT)开支於截至今年3月底年度升幅由对上一年度的10%加快至15%。在企业层面方面,香港电讯在5G企业应用有更大增长潜力,料今年项目将恢复。

大摩料香港电讯每股分派增长将由2020年的1%复苏至2023年预测达5%,并料香港宽频每股分派增长将由2020财年的7%正常化至2023财年料约5%至6%。在此期间,该行认为香港电讯5G企业应用迎来上行空间,而香港宽频在中小企业务复苏方面面临不确定性。

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