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《大行報告》瑞銀:中資電訊股估值重估可能由面向企業業務推動
阿思達克 01-31 10:38
瑞銀發表報告指,投資者憂慮屬防守性的中資電訊股於內地疫情政策放鬆後或會表現不佳,但三大電信商的A受及H股年初至今股價各平均上升10%至20%,與主要指數一致,認為電訊股基本面及指引自去年底以來沒有改變,近期股價上升是由於企業業務推動市場的估值重估。 該行表示,雖然中資電訊股未有披露企業業務的分部利潤,但認為中電信(00728.HK)在該業務的利潤應高於同業,主因其數據中心位置更集中於一線市場,利用率高於同業;加上其IaaS公用雲市場佔有高於同行,在內地排名第三,僅次於阿里雲和華為。 據瑞銀行業調查亦顯示,中電信於客戶關係和服務能力上有先行優勢,相信集團有望實現兩位數的盈利增長指引。 瑞銀表示,視中電信H股為首選,估計其今年股息收益率達8%,頗具吸引力。(ek/w) ~
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