《大行報告》大摩上調電盈(00008.HK)目標價至5.3元 評級「增持」
摩根士丹利發表研究報告,電訊盈科(00008.HK)去年下半年業務增長強勁,媒體業務按年升58%,但有部分被香港電訊(06823.HK)服務及解決方案業務下降所部分抵銷。
由於東南亞和中東地區的強勁增長,去年OTT月活躍用戶及付費訂閱用戶分別按年增長30%及58%,免費電視廣告收入增長127%,EBITDA轉爲正數,管理層預計OTT業務將在今年實現EBITDA收支平衡。
該行指,電盈所獲香港電訊股息的傳導率升至100%,意味收益率爲8.5%,考慮到媒體業務盈利能力提高,將2023 年EBITDA預測上調2%,並將2022至2023年每股派息預測提高7%,目標價由5.2元上調至5.3元,以反映媒體業務價值上升及淨債務水平下降,予「增持」評級。
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