《大行報告》大摩:本地流動電訊市場仍良性競爭 首選香港電訊(06823.HK)
摩根士丹利發表研究報告指,本港流動電訊市場競爭仍為良性,5G業務覆蓋提升及ARPU穩定增長,將推動電訊商收入穩步增長,估計覆蓋的電訊股上半年流動電訊服務增幅達2%至4%。
但疫情不明朗因素下,大摩預期漫遊業務復甦前景未見起色,雖然各地陸續宣布放寬 防疫限制,但在疫情完全消退前仍難以預測,因此漫遊服務收入復甦步伐維持保守看法。
該行預期,電訊商成本控制措施見效,將為利潤率增長帶來支持,預計上半年所有市場參與者的服務EBITDA利潤率將提高約1至2個百分點,同時預期資本支出的高峰可能已經過去,部分抵銷高昂的頻譜攤銷成本。
大摩首選股為香港電訊(06823.HK),看好其優質的網絡質素、強大企業客戶群及股息增長率,目標價13元,評級「增持」。考慮到股息收益率,大摩亦維持香港寬頻(01310.HK)及電盈(00008.HK)的「增持」評級,目標價分別為11元及5.3元;同時維持和記電訊(00215.HK)及數碼通電訊(0315.HK)「持有」評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.