《大行報告》瑞銀下調聯通(00762.HK)目標價至4元 評級「中性」
瑞銀發表研究報告指,中國聯通(00762.HK)去年第四季服務收入較預期高1%,但EBITDA卻較預期低2%,主要是由於新業務投資及資產處置虧損導致運營支出增加。聯通全年宣派每股21.6分人民幣,派息率為46%,較2020年的40%提升6個百分點,亦高於該行預期的43%。
管理層表示,今年資本支出增長將與收入一致,並預計今年5G資本支出及基站淨增加量持平。瑞銀指,今年資本支出增長與7%的增長預測一致。
展望未來,聯通目標今年淨利潤實現雙位數增長,同時預計工業互聯網業務穩健發展,在未來2至3年為總收入貢獻30%以上。考慮到對新業務投資較高,瑞銀將2022至2024年EBITDA預測下調約0%至1%,令2022至2024年淨利潤預測降低0%至5%,目標價由4.4元下調至4元,認為新業務利潤率或降低,將導致長期盈利預測同樣降低。
瑞銀對2024年派息率達到50%的預期保持不變,維持「中性」評級,並續看好中移動(00941.HK)及首選股中電信(00728.HK)。
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