《大行報告》法巴降中電信(00728.HK)合理值預測至4.8元 維持「買入」評級
法巴發表報告,指中電信(00728.HK)第三季收入增長輕微放緩。低利潤的工業互聯網服務收入持續高增長,或輕微拖累綜合利潤率。第三季服務收入按年升6.4%,較上半年升8.8%放慢,第三季EBITDA增長2%,亦較上半年升5.2%放慢。第三季EBITDA利潤率按年跌130點子至28.5%。該行料宏觀經濟對中電信整體增長構成一定影響,因同業中移動(00941.HK)上季服務收入增長亦較上半年放慢。
報告輕微下調對中電信預測,合理值預測由5元降至4.8元,主要反映美元強勢,維持「買入」評級,料未來五年每年經營收溢平均升7.4%。該行續認為中資電訊商是資訊革命被低估的受惠者,估值亦不高,相當於預測未來一年市盈率不足9倍,股息率逾8%,以全球基礎而言是最便宜的電訊商,全球同業估值以市盈率計通常介乎約14倍至16倍。該行認為,中資電訊商中,聯通(00762.HK)提供最佳價值。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.