一文了解券商對中移動(00941.HK)公佈去年業績後最新觀點及目標價
中移動(00941.HK)今早股價向上,半日升近4%收56.5元。摩根大通發表報告,指中國移動派息前景推動估值重估,將其評級由「中性」上調至「增持」,目標價由60元上調至70元。該行認爲,中移動2021年23%的派息增長,以及到2023年將派息率從去年的60%提高到至少70%的承諾,對市場來說是一個積極的驚喜。
中移動昨(23日)收市後公佈截至去年12月底止全年業績,營業額8,482.58億元人民幣按年升10.4%。純利按年升7.7%至1,161.48億元,符合市場預期;每股盈利5.67元人民幣。派末期息2.43港元,增長38%,連同已派發的中期股息每股1.63港元,2021年全年股息合計每股4.06港元,按年增長23.4%。
【派息比率佳 績後有支持】
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。該行指中移動去年業績穩健、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」。
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下表列出10間券商對其投資評級及目標價:
券商│投資評級│目標價(港元)
瑞信│跑贏大市│85.6元
瑞銀│買入│75元->80元
裏昂│買入│80元
花旗│買入│74.7元
野村│買入│72元
摩根大通│中性->增持│60元->70元
摩根士丹利│增持│70元
星展│買入│68.6元
麥格理│跑贏大市│67.3元
富瑞│買入│70.47元->64.67元
券商│觀點
瑞信│數字化轉型帶來增長可期,派息比率承諾正面
瑞銀│派息增加提升股東回報,回購及穩定資本支出有驚喜
裏昂│去年下半年業績符預期,股息增長勝預期
花旗│成本控制有效得宜,頻譜提升5G投資回報
野村│去年業績符合預期,資本支出穩定及增派息有正面支持
摩根大通│派息增長有驚喜,料今年服務收入及盈利增長良好
摩根士丹利│去年服務收入、EBITDA及淨利潤基本符合預期
星展│去年收入及盈利增長符預期,關注5G高成本投資
麥格理│去年下半年收入、盈利及EBITDA利潤率均符預期
富瑞│去年第四季收入盈利符預期,對承諾三年內派息增至70%感到驚訝
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