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一文綜合券商對中電信(00728.HK)公布季績後最新評級、目標價及觀點
中電信(00728.HK)昨日(20日)收市後公布第三季度業績,今早股價偏淡,新報2.89元跌0.7%。瑞信表示中電信第三季業績大致符合預期,指移動數據流量增長繼續領先同業(季內按年升29%),紓緩對移動用戶ARPU增長出現波動的憂慮,商業業務首三季綜合ARPU增長持平,反映商業業務競爭維持有序。該行亦指,工業數碼化業務收入增長放緩並不理想,但雲業務三位數增長給予增長在經濟復常後恢復的希望。該行認可公司致力控制成本,淨利潤在收入無可避免地放緩之下仍維持增動力。該行維持中電信「跑贏大市」評級及4.3元目標價。 中電信公布今年第三季實現經營收入按年升8%至1,186.63億人民幣,純利按年升12%至62.52億元人民幣,每股利潤7分人民幣。總計首三季經營收入按年升10%至3,609.82億元人民幣,首三季純利按年升5%至245.43億元人民幣,撇除上年同期出售附屬收益則按年升12%。每股利潤27分人民幣。EBITDA增長4%至1,004.58億元人民幣;EBITDA率30.6%。 公司首三季度移動通信服務收入按年升6%至1,483.67億元人民幣,移動用戶淨增1,746萬戶至達3.9億戶,5G套餐用戶淨增6,324萬戶至2.51億戶,滲透率64.4%,移動用戶ARPU為45.5元人民幣。固網及智慧家庭服務收入按年升5%至894.33億元人民幣,有線寬帶用戶1.79億戶,智慧家庭收入保持快速增長,拉動寬帶綜合ARPU達46.6元人民幣。 【上季績符預期 或臨競爭加劇】 富瑞認為,中電信資本開支降低及過往更進取地為資產減產,將導致折舊及攤銷成本上升減慢,加上在內地A股上市所得資金帶來的利息收入增加,以及建立5G網絡與軟件開發的稅務優惠增加,將有助在EBITDA增長低單位數下,推動盈利雙位數增長。基於管理層承諾明年最低派息比率達70%,每股盈利增長加快意味更高股息率,為中電信在波動市況下防守性及跑贏大市的重要動力。該行下調對中電信目標價由4.26元降至3.93元,維持「買入」評級。 野村預期中電信旗下工業數碼化業務持續強勁動力,尤其雲業務方面,今年或繼續達三位數增長,但同時亦見到公司面臨潛在競爭加劇面,尤其中移動(00941.HK)在雲業務及互聯網數據中心業務,以及中播網絡加入移動通訊競爭。該行維持對中電信「中性」評級及目標價3.1元,並在中資電訊股中更為偏好中移動。 ------------------------------------ 本網最新綜合7間券商對其投資評級及目標價: 券商│投資評級│目標價 星展│買入│4.5元 瑞銀│買入│4.4元 瑞信│跑贏大市│4.3元 富瑞│買入│4.26元->3.93元 摩根大通│增持│3.6元 摩根士丹利│增持│3.5元 野村│中性│3.1元 券商│觀點 星展│料在5G年度增加市佔率 瑞銀│季績符預期,工業數碼化收入因宏觀疲弱減慢 瑞信│第三季淨利潤保持增長,成本控制提升股份防守性 富瑞│季績符合預期,仍為行業首選股 摩根大通│盈利保持韌性 摩根士丹利│季績符合預期 野村│預期面臨更大競爭
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