《大行報告》大摩升電盈(00008.HK)評級至「增持」 降和電香港(00215.HK)至「與大市同步」
摩根士丹利發表研究報告指,本港流動及固網市場維持穩定。由於尚未復關,至今數據漫遊服務未有顯着復甦。該行偏好綜合解決方案供應商,認爲香港電訊(06823.HK)仍屬首選,指和記電訊香港(00215.HK)及電盈(00008.HK)對特別息及出售業務的消息將會是需要留意的催化劑。
該行上調電盈投資評級,由「與大市同步」升至「增持」,目標價維持5.2元;大摩亦維持香港電訊評級「增持」及目標價14元。報告下調和電香港評級由「增持」降至「與大市同步」,目標價維持1.7元;大摩另維持數碼通(00315.HK)「與大市同步」評級,目標價由5.5元降至5元。
大摩表示,由於本港消費者負擔能力高,5G普及進度穩定。另在疫情下家居及企業客戶更重視高質素網絡接駁,固網市場亦穩定。在住宅市場方面料固網ARPU穩定上升。企業客戶方面,企業認識到整合科技至系統的重要性,需要更綜合的服務而不單止是接駁網絡。該行認爲香港電訊作爲綜合服務商有良好市場定位。
大摩表示,香港電訊現股價相當於今年預測股息率逾6.5%,料中期派息穩定。此外,該行認爲電盈現股價相當於今年預測股息率8%,控股公司折讓逾50%,料被低估,因爲傳媒業務虧損收窄及出售資產,因此上調電盈投資評級。
該行亦指,和電香港潛在派中期特別息已反映於股價,料上行空間有限。另數碼通今年漫遊服務收入慢過預期,900/1800MHz頻譜加快折舊料將壓抑今年盈利。
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