《大行報告》瑞信下調中移動(00941.HK)目標價至68.8元 評級「跑贏大市」
瑞信發表研究報告指,因應折舊與攤銷開支或提升,將中移動(00941.HK)2022至2024年每股盈利預測下調3%、5%及5%,指出第三季收入增長符合預期,認為行業競爭格局保持良性,因此僅將2022及2024年收入預測上調0.3%及0.1%。
該行又預期,移動數據流量增長放緩的同時,數據收費下降幅度亦將放緩,預期未來兩至三年所有電信商ARPU都將表現持平。
疫情下中移動推遲了第二季的營銷活動,瑞信預期下半年營銷活動將增加,帶來更高的營銷開支,但預期很大程度上將被網絡營運及人力成本溫和增長所抵銷,預測2022至2024年EBITDA利潤率將達到35.2%、34.8%及34.2%,與早前預期相近。該行維持對中移動的「跑贏大市」評級,目標價由70.9元降至68.8元。
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