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《大行報告》瑞銀下調電盈(00008.HK)目標價至4.75元 評級「買入」
瑞銀發表研究報告,指電訊盈科(00008.HK)上半年核心EBITDA按年增6%,主因解決方案業務有所增長,以及媒體業務虧損減少,令整體虧損收窄至3.15億元,但部份被旗下盈大地產(00432.HK)虧損所抵銷。 該行指,除香港電訊(06823.HK)外之業務收入錄21%增長,當中解決方案業務收入按年增51%,Viu OTT按年亦增29%,免費電視增97%,反映上半年強勁的增長動力。集團中期息按年增2%,而隨著IDC業務銷售增長,公司下半年資產負債表及現金流應可進一步改善。基於電盈解決方案業務穩健及其媒體業務達到規模,相信公司變現能力已走上正軌,重申「買入」評級,惟因盈大地產盈利差過預期,下調2021-23年每股盈測32%、32%及37%,目標價由4.9元降至4.75元。
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