大摩:中電信(0728.HK)首季業績符預期,重申為行業首選
格隆匯4月21日丨大摩指出,在強勁的工業數字化收入推動下,中電信服務收入按年增長重新加快至9.9%,較預期高0.7%,但由於網絡及員工成本增加,EBITDA利潤率降至29.4%。期內移動服務收入按年增長5.1%,亦較該行預期高0.6%,其中5G上客依然強勁,截至3月底5G用户總數達到2.11億人,滲透率提升至55.5%,惟移動業務ARPU略為下降至45.1元人民幣。
受惠於智慧家庭價值貢獻,首季固網服務收入按年增長14.5%;期內淨利潤則增長12.1%至72億元人民幣,較預期低0.4%,仍有望實現全年雙位數的增長指引。大摩指出,中電信A股上市後淨融資成本顯着降低,給予H股目標價4港元,認為行業前景吸引。

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