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《大行報告》瑞信下調香港電訊(06823.HK)目標價至11元 估值吸引評級維持「跑贏大市」
瑞信發表研究報告指,利率環境趨升,自9月起香港電訊-SS(06823.HK)的股價已累跌12%,對比同期和記電訊(00215.HK)及數碼通(00315.HK)同期累跌約2.6%及0.5%。 該行指,年初至今HIBOR利率均值已較去年同期提升約204個基點,並且持續趨升,由於香港電訊負債率較高,因此將2022至2024年各年財務成本預測上調44%、55%及27%,預期公司將採取積極措施以控制其利率風險。 瑞信表示,香港電訊業務穩定,移動漫遊業務出現復甦,同時寬頻業務競爭並未明顯加劇,將2022至2024年每股盈利預測下調10%、12%及6%,以現金流折現率計,目標價由13元下調至11元,預計香港電訊將無法實現其每股派息增長2%的指引,但仍以當前估值計,2022至2024年若可提供約7%至8%的股息率,在當前宏觀疲軟的環境下仍有吸引力,因此維持「跑贏大市」評級。
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