《大行報告》星展料中電信(00728.HK)工業數字化業務可支持今年盈利增10% 重申「買入」評級
星展發表研究報告指出,中電信(00728.HK)是華南地區擁有強大影響力的綜合企業,去年12月,公司的5G滲透率達69%,於電訊營運商之中最高。公司同時與中國聯通(00762.HK)進行5G網絡共建共享合作,以縮小與中國移動(00941.HK)在網絡質量和覆蓋方面的競爭劣勢。
該行認為,中電信工業數字化業務是主要收入增長動力,為增量服務收入貢獻約50%。公司在該業務領域敝口最高,貢獻服務收入約27%。此外,中電信為首家承諾提高派息率的電訊營運商,派息率由2022財年的65%,提高至2023財年的70%。而公司的5G滲透率,以及工業數字化業務的快速增長,都令每用戶平均收入(ARPU)有所提升,可支持今年盈利增長10%。
另外,星展指如不計一次性收益影響,對中電信2022至2024財年的預測盈利分別增長11%、10%和9%。重申對其「買入」評級,目標價4.5元。
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