《大行報告》大摩:中電信(00728.HK)擬議A股發行7月22日上會 重申行業首選
摩根士丹利發表研究報告指,中證監宣布中電信(00728.HK)的A股發行將於下周四(22日)上會,管理層早前曾透露或於8月在內地上市,並預料是次發行的50%新股將配發給戰略投資者,主要為電信行業的合作伙伴,有助公司建構生態體系。
大摩表示,中電信上月宣布提高派息比率,由40%提升至60%,於A股上市的3年內更將提升至70%,將其列為行業首選,目標價3.8元,評級「增持」。
該行表示,現時為需求驅動資本開支的週期,預計中電信自由現金流足以應付未來增加的派息,料其2020至2024年每股派息將複合增長逾20%,今年股息率料超過6%。
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