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《大行報告》瑞銀上調中移動(00941.HK)目標價至80元 派息較高提升股東回報
中國移動(00941.HK)去年純利按年升7.7%至1,161.48億元,派末期息2.43港元,增長38%,全年股息合計每股4.06港元,按年增長23.4%。瑞銀髮表報告,指中國移動去年業績穩健、派息增加,提升股東回報,將其目標價由75元上調至80元,評級「買入」。 瑞銀認爲,中國移動派息有驚喜,2021年派息率達利潤的60%,公司目標自2021年起三年內,以現金方式分配的利潤逐步提升至當年公司股東應佔利潤的70%以上。中移動預計2022年資本支出爲1,852億元人民幣,僅按年增長0.9%,其中,5G資本支出下降5%,相信,隨着5G資本支出的更大靈活性,中移動可以在保持總資本支出穩定的同時,增加對新業務的投資。 中國移動預期2022年服務收入和淨利潤均實現良好增長,力爭保持2021年的良好勢頭。瑞銀表示,中移動股價年初至今上漲16%,但估值仍處於2022年市盈率7至8倍的谷底水平,該行將中移動2022至2024年每股派息預測上調了10%至20%,當中考慮了新派息的指引。
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