《大行報告》花旗上調中電信(00728.HK)目標價至4.15元 評級「買入」
花旗發表的研究報告指,上半年中國電信(00728.HK)收入按年升13.1%至2,192億元人民幣(下同),其中服務收入按年升8.8%,EBITDA利潤率則為32.6%,較去年同期輕微下跌,主要因為網絡營運及支援開支按年增長10.8%等。總括而言公司淨利按年升27.2%至177億元,相當於該行及市場對其全年預測的75%及74%,如撇除一次性出售子公司的影響,淨利則升17%,維持「買入」評級,對其流動業務展望正面,認為將受惠5G表現及產業互聯網業務增長勢頭,將公司2021-23年淨利預測升10%至17%,目標價由4.05港元升至4.15港元。
上半年公司流動服務收入升8.2%,部分是因為流動ARPU按年升2.9%,而轉向5G套餐的客戶ARPU亦較升級前增約10%,公司截至上半年有1.31億戶5G套餐客戶,滲透率為36.2%,比例按年增25.2個百分點,上半年公司及中國聯通(00762.HK)共建共享8萬個5G基站,而公司將2021年新增5G基站目標訂在32萬個,反映下半年速度將快於上半年。該行預期下半年5G採納速度將有所加快,並將支持流動ARPU於未來數季繼續提升。
在產業數字化方面,該行指出相關收入上半年為501億元,按年升16.8%,估計相關業務今年將維持強勁增長,長遠而言有望成為公司的主要增長引擎,加上受惠政府對基建的推動及企業數字化需求,相信將利好5G商用發展。(el/k) ~
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