《大行報告》大摩:數碼通(00315.HK)及和電香港(00215.HK)屬再通關受惠股
摩根士丹利發表報告指,預期自去年下半年起在行業5G業務ARPU(每用戶平均收入)提升、競爭格局趨向穩定及漫遊收入恢復的推動下,該行覆蓋的本地電訊股將實現健康增長,同時現金流狀況改善將推動股息健康增長,當中將香港電訊-SS(06823.HK)繼續列為首選,看好其盈利及股息增長具韌性且穩定,並將數碼通(00315.HK)及和電香港(00215.HK)視作再通關受惠股。
該行預測去年下半年所覆蓋的本地電訊股將實現服務收入按年增長2%至4%,EBITDA則增長3%至7%;今年度服務收入料增長2%至6%,EBITDA增長4%至8%,但當中香港寬頻(01310.HK)的增長或放緩。
考慮到香港與內地及海外地區實施全面通關,高利潤率的漫遊業務復甦在望,可能會帶動營運槓桿,預測今年漫遊收入可能恢復到疫情前水平的約50%至60%,推動企業短期內盈利強勁增長。
考慮收入穩定增長及資本開支見頂,大摩預期大部分覆蓋的本地電訊股應可為股東提供健康的股息回報,但當中利息成本不斷上升或會為香港寬頻帶來壓力。該行預測今年香港電訊每股派息將增長5%,數碼通料增長27%,和電香港持平,香港寬頻則將減少10%。
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