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《大行報告》摩通:中資電訊股受惠中國數字化轉型 首選中電信(00728.HK)
摩根大通發表研究報告指,預計在中國數字化轉型的背景下,2022至2025年中國雲市場將錄得32%的複合年增長率,隨著國有企業/政府成為主要的雲需求驅動力,市場份額或會轉向電信營運商。 該行預計,電訊營運商的綜合雲市場份額將在2022至2025年之間,料由37%增長到58%,而在雲業務規模經濟的推動下,其利潤率下降速度將放緩。 摩通重申中電信(00728.HK)是行業首選,評級「增持」,目標價3.5元,籲投資者收集中電信,迎接內地雲市場結構升級機遇及電訊營運商市佔擴張;其後依次看好中移動(00941.HK),予評級「增持」,目標價65元;最後為聯通(00762.HK),予評級「中性」,目標價4.1元。 摩通預期,未來幾年中國互聯網行業的雲需求增長,將放緩到按年增長10至20%,非互聯網行業的雲預算將在2022至25年間,錄得40%至50%的複合年增長率。該行相信,在近期市場波動的情況下,中國電信行業屬於防禦性組合,受惠估值吸引及股息收益率可觀。
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