《大行報告》摩通上調中移動(00941.HK)及中電信(00728.HK)目標價 建議換馬至聯通(00762.HK)
摩根大通發表研究報告指出,中資電訊股於今年開局強勁,中移動(00941.HK)、中電信(00728.HK)及聯通(00762.HK)股價年初至今分別累升20%、17%及11%,相信是由於市場風向輪動至防禦性價值股,以及中移動的H股回購計劃,引發投資者對中資電訊股宣布更多有利於股東政策的猜測。在穩健的行業背景下,該行對中資電訊板塊保持正面。
該行認為,考慮到中移動未來兩年增長放緩的預測,以及較弱的股息能見度,料其今年至今的股價反彈後的上行空間有限,估值相對偏高,但相信受惠於股權激勵計劃,對其目標價由52元上調至60元,維持「中性」評級。
摩通建議投資者由中移動換馬至聯通,認為聯通股價跑輸後仍有追趕空間,料聯通具有潛在吸引力的股息政策,以及H股較A股股價有大幅折讓,且受美國投資者的技術拋售壓力較小。目標價5.7元,評級「增持」。
至於該行對中電信的目標價由3.6元升至3.7元,評級「增持」。
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