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《大行報告》摩通:中資電訊股經過兩週調整呈入市良機 首選中移動(00941.HK)
摩根大通發表報告指,中資電訊營運商預期未來數年非傳統固網業務的穩健增長勢頭會持續,並估計5G企業解決方案會由低基數中有較快增長。 該行估計,中國的5G滲透率於今年或達約70%,而電訊商提到近期疫情的爆發對其營運的影響有限。另一方面,雖然首季業績表現理想,但中資電訊股股價於過去兩週回調1%至5%,對比同期恆指爲上升1%,相信此爲投資者提供良好的買入機會。 中資電訊股中,摩通首選爲中移動(00941.HK),對其股份評級爲「增持」,目標價70元。該行認爲,中移動10%的股息收益率有吸引力,料直至明年派息比率增加的能見度高,且潛在恢復H股回購或可爲股價提供支持,相信集團在板塊中有最佳的防守性及流動性。 摩通指中電信(00728.HK)爲該行行業的次選,股份評級「增持」,目標價3.7元;再次選爲聯通(00762.HK),最後爲中國鐵塔(00788.HK),兩企評級均爲「中性」,目標價分別4.3元及0.95元。
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