一文綜合券商於聯通(00762.HK)公布業績後最新目標價及觀點
中國聯通(00762.HK)今早股價偏淡,最新報6.21元跌0.48%。摩根士丹利發表報表示,聯通上季服務收入按年升8%符預期,工業互聯網業務收入按年升25%,公司EBITDA及純利均優於預期,聯通去年派息比率由2021年46%升至50%,重申「增持」評級及目標價7元。
聯通昨收市後公布去年業績,營業額3,549.44億元人民幣按年升8.3%,增速創近九年新高。純利167.45億人民幣,按年升16.5%符預期;每股盈利0.55元人民幣。公司宣派末期息0.109元人民幣,上年同期派0.096元人民幣。連同已派發的中期息每股0.165元人民幣,全年股息合計每股0.274元人民幣,按年提升26.9%。派息率為50%,按年提升4個百分點。
公司指,在剔除非經營性損益後,權益持有人應佔盈利規模創上市以來新高。而公司去年EBITDA為991.7億元,按年增長3%,同創上市以來新高。聯通表示,2023年將進一步擴大投資,資本開支水平將達到769億元,按年升3.6%,其中算網投資佔比將超過19%、按年增長超過20%。
【業績符預期 增派息比率】
野村表示,聯通去年收入符合預期,純利按年升16.5%至逾167億人民幣,低於該行原預期175億人民幣,主要受EBITDA毛利率較低所拖累,但公司上調2022年派息比率由2021年的46%升至50%,重申「中性」投資評級及目標價5.6元,相當於預測2023年企業價值對EBITDA的0.9倍。
富瑞發表報告指,聯通去年第四季淨利潤按年跌26%至10.78億元人民幣,較市場預期低出13%,相信是由於部分市場分析未有將折舊增加的因素計算在內,撇除稅後折舊影響約17.6億元人民幣的,該行估算其第四季淨利潤按年增長89%。該行考慮到聯通盈利及每股派息超出預期,富瑞上調對聯通未來幾年EBITDA及純利預測,目標價由7.65元微升至7.66元,評級為「買入」。
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下表列出6間券商對其評級及目標價:
券商│投資評級│目標價(港元)
富瑞│買入│7.65元->7.66元
摩根士丹利│增持│7元
摩根大通│中性│6.7元
瑞銀│買入│5.7元
野村│中性│5.6元
瑞信│跑贏大市│4.9元
券商│觀點
富瑞│上季業績表現勝預期,50%派息比率符預期
摩根士丹利│去年第四季收入、EBITDA及派息增長均優於預期
摩根大通│去年第四季業績符預期,派息率比上調對近期股價有利
瑞銀│上季業績符斯預期,憧憬管理層多次強調高質量發展前景
野村│去年收入符預期,提高派息比率
瑞信│去年第四季收入及EBITDA增長符預期
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