《大行報告》富瑞:內地上月移動數據按年升20% 連續四個月改善 指中資電訊股估值吸引
富瑞發表研究報告指,國家工信部10月份統計數據顯示,移動數據按年增長進一步提升至20.2%,連續四個月錄得改善,按月升6.8%,屬今年以來最大升幅,料為數據中心及電信公司帶來重要的積極信號。
該行指,採購於去年9月的相關建設工作已完成,以致今年10月份5G基站新增數量較第三季大幅回落。富瑞表明看好內地電信商發展,指出在移動業務及工業互聯網分別增長3.5%及30%的推動下,電信收入增長保持在6.5%的健康水平,令公司估值更具有吸引力。
富瑞認為移動數據增長持續復甦令人鼓舞,由於工信部已停止披露手機與非手機移動數據流量的細分,傾向相信增長是來自於5G工業互聯網的發展,預期非手機設備可能成為增長驅動力,同時估計今年數據中心需求將見底,明年需求增長料重新加快。
年初至今電信收入增長7.9%,符合富瑞預測。該行認為中國電信公司將繼續成為極具吸引力的股份,增長動力主要來自於移動領域的良性競爭、工業互聯網發展、國企構建IT生態系統趨勢、資本支出強度下降;以及承諾增加派息,當中較看好中電信(00728.HK),其次為中移動(00941.HK)及中聯通(00762.HK)。
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