《大行報告》花旗下調和電香港(00215.HK)目標價至1.26元 評級「中性」
和記電訊香港(00215.HK)去年全年營業額53.85億元,按年升18.5%,純利400萬元,按年跌98.9%,派末期息5.21仙,按年持平。花旗認為,該業績遠遜預期,主要是由於網絡成本增加以及5G網絡覆蓋範圍的擴大,致經營開支,以及拆舊及攤銷成本高過預期,將目標價由1.34元下調至1.26元,評級「中性」。
花旗預計,和電香港今年盈利增長壓力將持續,網絡運營費用增加對毛利率造成壓力,然而如果旅行限制取消,漫遊業務表現可能會有驚喜,此外管理層目標是保持與2020年相若水平的股息,即股息率約6%,花旗料公司可能考慮在2022年中期業績中,宣派特別息,若特別息水平與2021年相若,股息率料相當於約21%。
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