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《大行報告》摩通下調香港寬頻(01310.HK)評級至「減持」 指削派息比率令市場失望
阿思達克 10-28 10:01
香港寬頻(01310.HK)今早股價下瀉,盤中曾低見4.63元一度下挫20.6%,最新報4.78元跌18%。摩根大通發表報告,下調對香港寬頻投資評級由原來「中性」降至「減持」,將目標價由9.5元大降至4.5元,此基於貼現現金流估值,及相當於預測明年企業價值對EBITDA的6.5倍,指公司2022財年下半財年業績疲弱及公司將派息比率下調至約75%水平。該行料香港寬頻未來兩年每股派息將會持平。 該行指香港寬頻修訂派息政策,目標派付經調整自由現金流的不少於75%,對比2016年至2021年為100%,顯示公司為降低債務及進行投資,對現金流的看法趨於保守。若按經調整自由現金流的不少於75%,料香港寬頻於2023財年及2024財年股息回報均為10厘,對比市場原預期各13厘及15厘。 摩通表示,本港住宅寬頻市場業務惡化,於2022財年下半年相關收入按年跌4%(上半年收入按年跌0.9%),因新增上客及ARPU疲弱。
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