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《大行報告》匯豐研究微升和電(00215.HK)目標價至1.45元 評級「持有」
阿思達克 07-29 09:52
匯豐研究發表報告,指和記電訊香港(00215.HK)趨勢穩定,但上半年因漫遊和利息收入下跌拖累,致純利跌79%;不過本地ARPU增長同時客戶流失率穩定,反映客戶轉投5G的一些益處,以及競爭格局穩定。該行稱,和電所面對挑戰在於5G相關成本更趨明顯,今年資本開支料升約68%至10億元,公司並指引今明兩年將進一步花費20億元。今年較後時間多次頻譜拍賣亦產生風險,不僅在於拍賣價上升,亦會增加經營成本。

和電曾承諾最少維持去年3.61億元的派息水平。倘純利達至該水平,屆時派息將調整至相當於年度股東應佔溢利的100%。該行並宣派特別息每股19.8仙,不排除進一步分派。這或令市場失望,對比公司坐擁約51億元現金,但僅分派約10億元,亦顯着少於2018年分派的每股80仙特別息。該行認爲減慢分派亦合理,因未來將有頻譜拍賣,以及近期沒有清晰增長引擎。

匯豐研究下調和電2021至2022年EBITDA預測2.3%至2.8%,考慮設備收入增加及稅務開支下降,以現金流折現率計,目標價由1.43元微升至1.45元,維持「持有」評級;下半年頻譜分發可見度增加料屬潛在催化劑。

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