《大行報告》摩通料內地三大電訊股首季盈利升8-18% 首選中移動(00941.HK)
摩根大通發表報告指,在非傳統固網業務強勁增長的推動下,預計內地三大電訊公司首季的服務收入增長加速。但移動業務的疲軟可能會持續到第二季,因為在近期國內疫情下,封城措施可能會抑制對移動服務的需求。目前預計內地三大電訊股首季盈利升8%至18%,另中國鐵塔(00788.HK)的利潤增長在折舊增長放緩的推動下可能超過20%。
摩通認為,在最近的市場波動中,電訊股具防禦性,因為基本面穩固且沒有政策風險,亦有估值及股息支持。該行重申中移動(00941.HK)是行業首選,因股息率吸引,增長能見度高和H股回購計劃對股價帶來支持。優先選擇順序為中移動、中電信(00728.HK)、中聯通(00762.HK)、中鐵塔。
該行預計,中聯通、中電信、中移動的服務首季收入分別加速增長至10%、9%、8%。至於EBITDA將按年分別增長5%、3%及7%。在折舊增長放緩和合資公司盈利強勁增長的推動下,該行料首季中聯通的盈利增長最快,按年增長18%。中電信的盈利增長可能會低於10%,而中移動將實現高單位數的盈利增長。
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