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《大行報告》野村維持聯通(00762.HK)「中性」評級 偏好中移動(00941.HK)
野村發表研報,維持對中國聯通(00762.HK)的「中性」評級,指出公司上半年服務收入按年增長8.3%,服務盈利增長19.5%,意味第二季分別增長6.7%及18.8%。 該行指出,第二季業務放緩主要歸因於內地疫情下的封鎖措施,對消費者和企業需求都造成壓力;而至於上半年EBITDA利潤率下降至31.9%,則預期是由於對新業務投資所致。 上半年聯通資本支出達284億元人民幣,按年增長98.5%,野村指出,去年低基數影響下今年上半年資本開支大增,但預期全年資本支出將與收入增長幅度保持一致,接下來5G資本支出保持相對穩定,大部分增量投資將用於工業互聯網領域,預期可爲全年帶來更大的股息增長空間。 野村維持「中性」評級及目標價4元,表示行業中更看好中國移動(00941.HK),又指聯通的工業互聯網領域仍處於投資階段,短期內可能繼續拖累整體EBITDA利潤率表現。
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