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《大行報告》瑞信輕微調整三大中資電訊股目標價 維持「跑贏大市」評級
瑞信發表報告,指中國移動(00941.HK)和中國電信(00728.HK)首季純利差過該行預期分別7%和6%,而中國聯通(00762.HK)在非經營項目影響下,首季純利則勝該行預期10%。 報告稱,整體行業服務收入首季按年增長9.5%,符合該行早前預期,隨著電訊公司正在進行科技轉型和發展工業互聯網業務,EBITDA利潤率壓力繼續存在,並且可能會持續一兩年。 瑞信指,中移動首季相對疲弱的盈利增長可能是由於其2G設備減值所致。該行將中移動和中電信的2022至2024的每股盈利預測分別下調2%,和4%至7%,但將聯通每股盈測上調1%至3%,目標價相應作輕微調整,維持三間電訊商「跑贏大市」評級。目標價詳見另表。
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