《大行報告》瑞信下調中電信(00728.HK)目標價至6元 評級「跑贏大市」
中電信(00728.HK)將於3月17日公佈2021年年度業績,瑞信預期,其2021年第四季收入、稅息折舊及攤銷前利潤(EBITDA)及純利按年分別增長9%、6%及28%。該行預計,中電信EBITDA利潤率壓力由2021年首九個月起持續,即使其去年A股上市後的融資成本料降低,亦未能完全抵銷。
瑞信稱中電信截至2022年1月爲第二大住宅寬頻供應商(33.5%),對於中電信的元宇宙發展,目前仍處於初期階段,僅溫和看好,維持評級「跑贏大市」,以今年底預測現金流折現率計,目標價由6.1元調低至6元。中電信H股仍屬行業首選,主因流動服務市佔擴張,固網前景最佳,以及2021至2023年料股息收益率介乎8%至11%。
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