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摩通:和記電訊(0215.HK)收入及盈利前景趨弱 降目標價至1.3港元
格隆匯 12-23 12:01

摩根大通發表研報指,和記電訊(0215.HK)管理層留意到5G服務的上客速度較預期慢,儘管內地與香港通關在即,對漫遊收入復甦仍持謹慎態度。而隨着5G網絡的推出,營運成本及折舊支出將有所增加。報吿認為,和記電訊的收入及盈利前景趨弱,但預料該股有望在明年派發特別息,收益率可達6%,維持“中性”評級,惟目標價由1.5港元下調至1.3港元。

報吿指,5G服務上客速度較預期慢的原因有可能是5G費用高昂和市場上缺乏具吸引力針對5G的應用程式。摩通分別調低和記電訊在今明兩年的移動服務收入預測2%和3%,以反映5G貢獻較弱以及延長漫遊收入的疫弱。

此外,由於5G網絡的推出,集團的營運成本及折舊支出增加,摩通分別下調該股今明兩年的EBITDA預測9%和10%,盈利預測也分別調低83%及74%。

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