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《大行報告》瑞信上調中電信(00728.HK)目標價至3.88元 評級「跑贏大市」
阿思達克 07-21 10:08
瑞信發表的研究報告指,中國電信(00728.HK)擬議A股發行將於7月22日上會,一旦獲批,估計主要重估催化劑包括策略投資者在5G及數碼化轉型方面的協同,另外A股上市後三年內派息比率將升至70%,同時募資所得將聚焦於工業數字化。

該行認爲中電信A股上市是額外的催化劑,平均來看通常A股上市後,H股通常於A股公佈上市後一年跑贏大市約15%,該行將公司近期升勢歸因於派息政策改變,估計A股上市將支持H股獲進一步重估。

瑞信相信中電信上半年業績將勝預期,公司初步公佈上半年收入爲2,136億至2,184億元人民幣,按年升11%至14%,而淨利則介乎176億至179億元人民幣,按年升26%至28%,相關數字的中間數分別跑贏市場預期5%及13%,並達該行原先全年預測的54%及79%。

以現金流折現率計,該行將中電信目標價由3.47元升至3.88元,認爲公司定位良好可擴張工業數字化業務,維持「跑贏大市」評級。

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