《大行報告》富瑞降中電信(00728.HK)目標價至3.93元 評級「買入」列行業首選
富瑞發表報告,指中電信(00728.HK)上季服務收入、EBITDA及純利按年分別升6%、2%及12%,符市場預期,第三季收入及EBITDA增長較今年上半年放緩,但純利增長相若,主因折舊及攤銷開支增長放緩及稅率下降。收入增長放緩部分源於新冠導致工業互聯網(II)項目延誤,但公司重申今年該項目業務約20%的增長目標。該行對中電信預測不變,但考慮人民幣兌港元匯率變化,降目標價由4.26元下調至3.93元,評級「買入」,考慮其估值相當於明年預測市盈率7.6倍及9.2%股息率,維持內地電訊行業首選。
由於管理層就分派比率作承諾,2023年最少70%,更快的每股盈利增長將帶來更高股息率,這是中電信防守性的關鍵因素,及在波動市下跑贏的主因。
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