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大摩:中電信(0728.HK)去年業績符預期,予目標價4港元

格隆匯3月14日丨大摩發研報指,據中國電信(0728.HK)初步核算,去年集團收入按年增長10-12%,純利增長23-25%,均符合該行預期,增幅亦較同業聯通和中國移動(0941.HK)為高。該行給予中電信“增持”評級,目標價4港元。

報吿指,若果行業收入趨勢好於預期,資本開支較預估小,及5G滲透快過預期,將刺激中電信向上。相反,移動和寬帶業務競爭加劇,集團宣佈積極的5G資本支出計劃,或5G價值鏈發展進一步推遲,將成為拖累股價下行的風險。

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