《大行報告》摩通:中移動(00941.HK)屬區內最具防守性電訊股
摩根大通發表研究報告指,投資者看好內地電訊公司在2023年擁有10%具吸引力的股息收益率及強勁的雲收入增長,惟他們擔心在明年3月公布2022財年業績前仍缺乏上行因素。該行表示,更多客戶對中國鐵塔感興趣,並預期該公司在2023年與營運商重續鐵塔租賃合同後,價格或下跌低單位數。
該行續稱,在本港電訊公司中,投資者看好香港電訊(06823.HK),認為其具有防守性的收益率,惟看淡香港寬頻(01310.HK)。該行相信在港電訊市場不太可能有併購活動,但私募基金接手香港寬頻的消息或會再次出現。
該行表示,在大中華區電訊領域中,看好中國市場,其後依次為香港、及台灣的電訊公司。該行認為中國移動(00941.HK)是緩衝市場波動擁有最佳防禦力的公司。因為其具備強勁的資產負債表、淨現金佔市值4成;股息收益率具吸引力,達10%,明年亦有明確派息比率增長路徑;及流動性佳。
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