《大行報告》瑞信:中資電訊股仍是防守性良好選項 首選中電信(00728.HK)
瑞信發表研究報告指,根據工信部數據,10月移動數據增長略微放緩至按年增長16%,平均每月每戶上網流量(DOU)按年增長13%。5G滲透率達到61.2%,而實際5G手機用戶滲透率突破30%的水平達31.1%。該行認為,5G對中國電信公司來說仍然具增值作用。該行認為,電信公司的資本開支預算的上行風險進一步降低。集團重申目標將資本開支佔收入的百分比緩慢降低至約20%。
該行表示,在疫情、宏觀不確定性、及增長和具吸引力的收益率的情況下,電信公司仍然是一個很好的防守選擇。該行維持對電信業的「增持」看法,首選中電信(00728.HK),因為集團作為現有的固網營運商,其份額不斷增長,在工業數字化業務中亦處於最佳位置,其次則看好中移動和中聯通。
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