《大行報告》匯豐研究下調和電香港(00215.HK)目標價至1.42元 評級「持有」
匯豐研究表示,和電香港(00215.HK)網絡成本增加是其去年下半年業績疲軟的主要因素,將其目標價由1.45元下調至1.42元,維持評級「持有」。
匯豐研究認爲,和電香港漫遊收入現在應該已經觸底,其在過去一年大幅增加了網絡投資,網絡資本支出爲8.74億元,而之前5年的平均水平爲5.5億元,支持更多基站將導致毛利率下降,只能以零售成本節省和其他節流措施部分抵銷,較高的網絡成本的影響疊加較高的頻譜攤銷費用,反映了從去年10月開始的頻譜費用。
匯豐研究指,和電香港去年下半年業績在所有領域都低於該行預測。該行將和電香港2022和2023年的EBITDA預測分別下調13.9%和10.8%,反映了去年下半年業績的增長,對2022和2023年經營利潤的預測分別下降76%和52%,和記香港計劃在2022年支付最低股息7.5仙,料將支持該股直至漫遊業務恢復,並將審視派特別息,假設2022年中期業績爲19.8仙,相當於去年上半年支付的股息。
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