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《大行報告》高盛上調中電信(00728.HK)目標價至3.7元 估算明年股息率料高達10%
中電信(00728.HK)上日宣佈通過了關於調整公司派息政策的議案,同意今年度以現金方式分配的利潤不少於該年度公司股東應佔利潤的60%,A股發行上市後三年內,每年以現金方式分配的利潤逐步提升至公司股東應佔利潤的70%以上。同時,調整派息安排,自2022年起宣派中期股息。

高盛發表研究報告,指考慮新派息政策,上調中電信2021至2023年派息比率預測由40%、40%及40%,上調至分別60%、63%及67%,上調今年至2023年每股派息預測37%、49%及63%。考慮最新人民幣兌港元匯價預測,以6月18日收市後市值計,中電信2021至2023年股息率料分別9.2%、10%及10.7%。比較起來,該行估算中移動(00941.HK)2021至2023年股息率分別7.2%、7.2%及7.2%,估算聯通(00762.HK)同期料分別5.4%、6.1%及8.1%。

考慮更高派息預期及匯率更新,該行下調中電信2022及2023年盈測分別0.7%及1.6%,目標價上調8.8%至3.7元,評級「買入」,料公司未來在流動市場市佔續擴大。該行料其2020至2023年間服務收入及EBITDA的三年年均複合增長分別5.2%及3%。

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