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《大行報告》富瑞下調聯通(00762.HK)目標價至7.79元 評級「買入」
阿思達克 10-31 10:25
富瑞發表研究報告指,中國聯通(00762.HK)第三季服務收入及純利按年升6.7%及25.4%,EBITDA則跌2%,均符合市場預期,但收入及EBITDA增長速度對比今年上半年有所減慢,相信是由於中國部分地區受疫情影響以及公司一般及行政開支開支提升所致。但富瑞指出,第三季純利增長爲過去九個季度以來最大幅度,主因折舊及攤銷開支按年減5.8%。 該行又指,聯通的EBITDA利潤率下降3.3個百分點至28.9%,相信隨着業務規模進一步擴大,工業互聯網業務的利潤率有望提高,帶動投入資本回報率有望迅速增長。 考慮下調移動服務業務收入預測,富瑞略微調整聯通今年業績預測,但對未來三年的EBITDA及純利預測仍高於市場預期,目標價由8.2元降至7.79元,維持「買入」評級。
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