《大行報告》中金:投資者短期注重中資電訊股高息防禦性 料中長期可迎估值重估
中金發表電信業展望報告,認為短期內,投資者較注重電信行業的高股息防禦性,利潤穩健增長疊加高股息率,能夠為股東提供良好回報,電信行業標的表現有望繼續維持穩定;如果市場風格明顯切換,資金面波動可能對電信行業標的股價造成一定壓制。
中長期而言,中金認為營運商是數字經濟建設的主力軍,營運商將受惠於5G時代政企業務收入增長,隨市場對營運商雲計算、IDC業務關注及認可度提升,營運商將迎來估值重估。
展望明年,中金認為電信營運商具有三項主要投資邏輯,包括穩健業績疊加高分紅,為股東提供良好投資回報:一方面,提速降費影響接近尾聲,營運商個人業務客單價企穩回升,另一方面,5G投入高峰期基本結束,資本開支佔收比下降,認為有望對營運商穩健業績兌現形成支撐;同時據公司指引,明年中國移動和中國電信分紅率將進一步提升。
中金指,隨著投資者對上市國企的價值認知的逐步改善,電信營運商作為優質資產有望受益於此。而目前,電信營運商已在內地雲計算、IDC等算力資源市場中佔據領先市場份額,數字化業務收入持續高速增長,隨著數字化業務市場關注度日漸提升,我們認為電信營運商估值體系有望重構。
該行對中移動(00941.HK)、中電信(00728.HK)目標價分別為75元和3.68元,評級均為「跑贏行業」。
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