《大行報告》摩通:內地三大電訊股首季業績向好 首選中移動(00941.HK)
摩根大通發表研究報告指,首季內地三大電訊股表現向好,收入增長加快,非傳統固網業務勢頭穩健,有助抵銷封城措施對移動業務的不利影響。該行指出,雖然電訊商EBITDA利潤率持續承壓,但首季盈利增長穩健,增幅達到7%至21%。另外,在折舊減少的推動下,中國鐵塔(00788.HK)利潤增長達29%。
摩通指,電訊股4月至今股價累計下跌3%至6%,表現跑贏恆指同期下跌10%,認為由於基本面穩固、沒有政策風險,在近期市場波動中具防守性,為相對的避風港,加上估值具有吸引力,看好該板塊表現。
摩通重申中移動(00941.HK)為行業首選,指出其收益率達到10%,明年派息率增長可見性亦高,預期首季業績後可能恢復H股回購,為股價提供支撐;選股優次為中移動,評級「增持」,目標價70元;其次為中國電信(00728.HK),評級「增持」,目標價3.7元;對中聯通(00762.HK)及中國鐵塔則給予「中性」評級,目標價分別為4.3元及0.95元。
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