《大行报告》花旗下调和电香港(00215.HK)目标价至1.26元 评级「中性」
和记电讯香港(00215.HK)去年全年营业额53.85亿元,按年升18.5%,纯利400万元,按年跌98.9%,派末期息5.21仙,按年持平。花旗认为,该业绩远逊预期,主要是由於网络成本增加以及5G网络覆盖范围的扩大,致经营开支,以及拆旧及摊销成本高过预期,将目标价由1.34元下调至1.26元,评级「中性」。
花旗预计,和电香港今年盈利增长压力将持续,网络运营费用增加对毛利率造成压力,然而如果旅行限制取消,漫游业务表现可能会有惊喜,此外管理层目标是保持与2020年相若水平的股息,即股息率约6%,花旗料公司可能考虑在2022年中期业绩中,宣派特别息,若特别息水平与2021年相若,股息率料相当於约21%。
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