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《大行報告》大摩:聯通(00762.HK)去年派息比率僅增至46%遜預期 評級「增持」看5.5元
摩根士丹利發表研究報告,中國聯通(00762.HK)2021年第四季服務收入和利息、稅項、折舊及攤銷前盈利(EBITDA)均符合該行的預期。不過,分派比率由2020年的40%增加至46%,該行感到失望,原本預期將增加至60%。 摩根士丹利維持聯通2022年至2024年收入預測基本不變,基於去年第四季業績,該行僅微調公司成本,監於5G持續經營,上調網絡成本和營銷費用預測,但下調2022年至2024年的員工成本。根據公司給予的5G資本開支持平指引,該行亦輕微降低2022年資本開支預測。 該行將2022年至2024年的分派比率從60%下調至50%,目標價5.5元,評級「增持」。
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