《大行報告》野村上調聯通(00762.HK)目標價至5.5元 評級「買入」
野村發表研究報告,維持中國聯通(00762.HK)「買入」評級,以現金流折現率計,目標價由4.15元升至5.5元,相當於明年預測市盈率8.8倍。
該行指,聯通上半年服務收入和純利分別增7.5%及21%,EBITDA維持穩定,EBITDA利潤率按年跌2.5個百分點,主因包括網絡經營及員工成本上升。移動和固網業務分別錄7.3%及7.9%增長。
該行表示,聯通首次派中期息每股12分人民幣,管理層同時指會提升今年的派息比率,假設以派息比率上調至50%估算,股息率或升至7%屬吸引,加上競爭緩和、資本開支控制審慎、ARPU持續上升,該行認爲內地電訊業行業基本面正改善,升聯通2021至23年盈利預期0%至4%。
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