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《大行報告》花旗:對中電信(00728.HK)潛在增加派息看法正面 流動收費降價壓力較低
阿思達克 06-04 12:32
花旗發表研究報告,引述中電信(00728.HK)管理層指目標今年服務收入增長高於去年的4.5%增幅。以板塊劃分,管理層指引流動服務收入增長高於去年3.5%的水平,流動ARPU增長不低於首季的2.7%增幅,源於5G日趨普及,以及5G提振ARPU增長;固網服務收入增長目標高於去年的5.5%增幅。中電信認為,工業數碼化業務增長率料由去年的9.7%倍升,該行料5G加快普及與企業收入增長可助力公司達標。

報告認為,今年來自監管的流動收費降價壓力較低,流動數據費已降至十分大眾化水平,即使5G計劃較4G收費為高,隨著向5G邁進,有效流動數據費將自然下降。競爭角度而言,管理層料焦點在網絡質素及增值服務,如VR/AR,以開展5G服務。競爭料維持良性,電訊商在推廣5G上依賴服務質素多於競爭。

此外,管理層過去指引今年股息穩定,由於首季勢頭良好,對向股東帶來較佳回報持開放態度。管理層指將處置部分服務及業務,預期出售收益可抵銷A股上市帶來的每股分派攤薄影響。花旗維持予中電信「買入」評級,目標價3.6元。

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