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《大行報告》摩通:中移動(00941.HK)為行業首選 評級「增持」
摩根大通發表研究報告指出,內地電訊商於去年第四季表現好壞參半,當中,中移動(00941.HK)的股息政策吸引,超出市場預期,但聯通(00762.HK)派息率增加幅度則令人失望。中移動及聯通的今年資本支出預算較市場預期緊張,主要由於固網投資較重,而中移動的資本支出控制相對嚴格。 該行認為,去年第四季中國電訊業的服務收入增長放緩,營運商的盈利趨勢亦好壞參半。行業中,該行認為中移動為行業首選,看好其資產負債表強勁,淨現金佔市值的40%;10%收益率吸引,高增長的可見性;H股回購計劃對股價有支持;為業內防禦性和流動性最高的公司。目標價70元,評級「增持」。 報告稱,摩通亦喜好中電信(00728.HK),有9%收益率,增長強勁,及在非傳統固網業務有廣泛敞口,不過不喜好聯通,因股息狀況及資產負債表相對疲弱。該行料中國鐵塔(00788.HK)股價將大致橫行,直至與電訊商鐵塔租賃協議續租有更高可見度。 該行行業偏好次序依次為中移動、中電信(增持/目標價3.7元)、聯通(中性/目標價4.3元),最後為中國鐵塔(中性/目標價0.95元)。
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