《大行報告》野村下調聯通(00762.HK)目標價至4.9元 評級「買入」
野村將聯通(00762.HK)2022-2023年盈利預測下調4%-8%,以反映新業務擴張導致毛利率下降,目標價由5元下調至4.9元,料2023年股息率6.8%。
野村認爲,得益於與中國電信(00728.HK)的「共建共享」項目,聯通成功控制了2021年的總資本支出,按年僅增長2%。管理層預計2022年資本支出增長與收入相稱,5G資本支出保持穩定。由於公司與中國電信共享全國無線網絡,認爲其5G上客將在未來兩年繼續支持移動每用戶收入(ARPU)和收入增長。
野村估算,聯通將在2024年實現87%的5G滲透率,並在2022-2024財年實現5.9%的移動收入複合年增長。該行指出,聯通雲在2021年按年增長46.3%至163億元人民幣,落後於行業中的兩大競爭對手,認爲公司需要在雲市場採取更積極的措施,才能趕上同行。
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