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《大行報告》瑞銀繼續看好內地電訊板塊 首選中電信(00728.HK)及中移動(600941.SH)
瑞銀發表研究報告指,工信部數據顯示11月份電訊行業服務收入按年增長7.2%,增速較10月份加快,惟移動及固網數據收入表現仍然疲軟,語音收入則復甦,部分原因是重新開放下人們重返辦公室所致。由於防疫政策放寬後內地12月確診有所上升,預期行業趨勢可能會在未來幾個月逆轉,或限制電訊商新業務發展,但預期影響可控。 該行又指,三大電訊商都有望實現其2022年全年盈利增長指引。另外,今年11月止內地建成5G基站達86.2萬個,較2021年全年建成的70.7萬個多,預期在低頻段部署下未來5G資本支出將呈下降趨勢。 瑞銀強調繼續看好內地電訊板塊,認為隨著企業業務收入及利潤貢獻持續增加,電訊公司正轉變為數字經濟孵化器,資本支出更具靈活性,資本回報率可能提高,現時首選為中電信(00728.HK)及中移動(600941.SH),目標價分別為4.6港元及111元人民幣,評級均為「買入」。
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