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《大行報告》高盛上調中移動(00941.HK)目標至58.9元 升中電信(00728.HK)目標價至4元
高盛發表評級報告,將中移動(00941.HK)在2022至23年純利預測大致上維持不變。該行表示,考慮人民幣兌港元匯價變動、股權成本由8.1%升至8.5%等因素,將其H股目標價由55.7元上調至58.9元,以反映更高的市場風險溢價和淨債務,亦意味着其有15%的有限上行空間,維持「中性」評級。 該行亦表示,受中電信(00728.HK)A股IPO籌集現金所得利息收入上升,將公司在2022至2023年純利預測上調6%至8%;考慮到淨現金增加、股權成本由9.3%升至9.7%、以及人幣匯價變動等因素,該行將其H股目標價由3.8元上調至4元,看好其強勁雲端/IDC及企業業務增長,予「買入」評級。 高盛另維持聯通(00762.HK)目標價6.5元,評級「買入」,降今年兩年盈測介乎8%至9%,以反映折舊成本上升;該行料其與中電信的合作可降投資負擔及帶來潛在更高現金回報。 高盛另維持中國鐵塔(00788.HK)目標價1.2元,評級「中性」,對今明兩年收入及EBITDA預測大致不變,降盈測介乎25%至40%,反映折舊成本上升。該行稱,去年中國鐵塔折舊開支高於預期4%,因折舊時間錶快過預期,致去年純利低於該行預期15%。高盛稱,對公司5G新建基站收發臺(BTS)放緩看法審慎。
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