《大行報告》裏昂下調聯通(00762.HK)目標價至6元 較看好中移動(00941.HK)及中電信(00728.HK)
裏昂發表報告,指中資電訊股在2021和2022至今的表現跑贏大市,監於盈利和自由現金流的增長以及派息比率增加,預計電訊股將成爲最好的防守股。該行較看好更喜歡中國移動(00941.HK)和中國電信(00728.HK)。該行將中國聯通(00762.HK)目標從7.7元下調至6元。評級和目標價詳見另表。
裏昂估計,中資電信股可以在2022年實現7%至8%的純利按年增長,和6%至8%的股息率,另外全國5G佈局將於今年完成,工業互聯網應成爲下一個增長動力,並在政府支持下在3至5年間維持20至30%的複合年增長率。
裏昂認爲,中移動和中國電信更能把握工業互聯網的增長機會,並提供更好的盈利增長和股息率。該行將2022和2023年中國聯通淨利潤預測分別下調4%和6%,因爲其可能在資產負債表落後、技術能力較弱下,工業互聯網競爭上較同行落後。
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