瑞銀:中國聯通(0762.HK)派息高於預期,惟下調目標9%至4港元
格隆匯3月14日丨瑞銀髮研報指,中國聯通(0762.HK)去年第四季服務收入略勝預期,EBITDA略遜預期,主要由於新業務投資加大及出售資產虧損導致營運開支上升;聯通全年派息每股0.216元人民幣,派息比率46%,高於預期的43%。該行維持其“中性”評級,目標價由4.4港元下調9.1%至4港元。瑞銀指,管理層指引2022年資本開支增長將與收入增長相若,符預期;管理層又預期5G資本開支持平,2022年基站數量將錄得淨增加。另外,聯通與中電信(0728.HK)去年共建5G基站按年增加31萬個至69萬個,符預期。聯通指引2022年純利錄雙位數增長,另外工業互聯網收入將於未來2-3年佔總收入逾30%。該行將其2022-24年EBITDA預測下調0-1%。

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