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《大行報告》匯豐研究降中資電訊股目標價 關注數據中心用電成本
匯豐研究發表報告,指內地電訊公司推進企業服務以作爲核心增長策略,特別是數據中心,不過這類業務都是高耗能行業;中資電訊商目標在2030年「碳達峯」,2060年達至「碳中和」,配合國家策略,但需留意電訊商如何達標,減少用電量絕對值,目前看好清潔能源使用佔比較大的電訊企業。 該行指出,電訊商過去飽受監管帶來的價格整改及5G成本相關不確定性影響,但現時內地核心電訊業務已較穩定,有助更關注A股投資者的派息要求,認爲目前電訊商較着重企業服務與派息政策。 匯豐研究首次覆蓋中國電信A股(601728.SH)和聯通A股(600050.SH),予「持有」評級,並計入較H股具23%的溢價,同時減少資本開支預期,但上調電費開支預測,維持予中電信(00728.HK)、中移動(00941.HK)、中國鐵塔(00788.HK)H股「買入」評級,並維持聯通H股(00762.HK)「持有」評級,惟全降中資電訊股H股目標價,詳見另表。
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