《大行報告》瑞銀:香港電訊股首選電盈(00008.HK)及香港電訊(06823.HK) 目標價下調
瑞銀發表研究報告指,自8月以來,香港電訊(06823.HK)和香港寬頻(01310.HK)向新用戶及特選地區用戶提供優惠,變相下調住宅寬頻價格(residential broadband prices),兩者股價其後分別下跌約15%和30%。該行認為,股價下跌可能是由於市場憂慮競爭惡化。
該行指,自2021年上半年起,香港寬頻宣布透過具吸引力的定價吸客,相信這應有助於在價格敏感的客戶中獲得市場份額。該行料價格戰對其影響有限,維持對香港寬頻的「中性」看法,目標價由9.2元降至6元。該行並認為,香港寬頻的企業業務需要更多時間復甦,因其中小企業業務佔比較高,預計2023至24年其相關收入將會持平。
另外,該行提到,隨著在疫情期間,公共服務及更多跨國企業投放更多資金推動數字化,對香港電訊而言,企業業務已成新增長動力,相信企業客比住宅客更看重服務質素,料集團今明年企業業務收入增長呈高單位數。該行預計,香港電訊2022/23年的股息仍將增長2至3%,因其業務收入增長幅度大於利息支出增長。至於香港寬頻,該行料其2023年股息或下降逾10%,因為其營運支出或資本支出節省的空間有限。
該行指,電訊股中,首選電盈(00008.HK)及香港電訊,其後依次為香港寬頻、和電香港(00215.HK)、及數碼通(00315.HK)。另該行重申對電盈及香港電訊「買入」評級,不過,該行將電盈目標價由5.2元下調至4.8元,而香港電訊則由12.7元降至11.6元。
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