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《大行報告》摩通:中電信(00728.HK)本年累升20%後仍屬中資電訊商首選
摩通發表報告,指近期與內地5G專家舉行會議,報告引述參與者料經歷去年頂峰後,未來數年5G基站增置量將放緩;並料即使聯通(00762.HK)就5G重新開發900MHz頻譜,中移動(00941.HK)在Sub-1GHz頻譜仍更具競爭力。 即使未來或面對先進製程芯片潛在短缺,專家料華為將透過調節基地收發機站(BTS)至可採用較成熟製程芯片,維持向電訊商5G基站供應。報告引述專家料指定5G頻譜料不會廣泛授予企業,在未來短期內毫米波(mmWave)5G及6G頻譜料推出機會較小。 報告稱,即使中電信(00728.HK)本年至今累升約20%,跑贏恆指同期升13%,仍維持屬該行中資電訊商首選,因它作為相對較高啤打值的電訊商,在三大中資電訊商中有最大雲業務敞口,至2024年有望晉身中國最大雲供應商,且估值吸引,僅相當於預測企業價值對EBITDA少於2倍,股息率8%,在2022至2024年間每股分派年均複合增長料達18%。 該行在三大中資電訊商喜好依次為中電信、其次為中移動,最後為聯通。
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