《大行報告》野村升長飛光纖光纜(06869.HK)評級至「買入」 目標價維持17元
野村發表研究報告,預期長飛光纖光纜(06869.HK)今年基本面將復甦,將評級由「中性」上調至「買入」。
該行指,內地光纖行業近三年需求低迷,出現供過於求情況,而電訊運營商的多輪降價亦令主要光纖光纜廠商的盈利能力承壓,但最新一輪的光纖招標中,中移動(00941.HK)2022年的需求較上次招標提高約20%,價格更上漲約58%,幾乎回到2019年水平。
野村指出,雖然電訊商未有積極增加總資本支出,但認為中移動訂單增加,反映今年市場出現基本面拐點。該行將長飛光纖2021年盈利預測下調41%,以反映需求及銷售均價下行,目前預測2021至2023年的收入及盈利複合年增長率分別達14%及24%。
野村認為,長飛光纖光纜的估值具吸引力,基於預測2022年市盈率約11倍,目標價維持17元不變,符合其歷史平均市盈率範圍。
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