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一文综合券商于联通(00762.HK)公布业绩后最新目标价及观点
中国联通(00762.HK)今早股价偏淡,最新报6.21元跌0.48%。摩根士丹利发表报表示,联通上季服务收入按年升8%符预期,工业互联网业务收入按年升25%,公司EBITDA及纯利均优于预期,联通去年派息比率由2021年46%升至50%,重申「增持」评级及目标价7元。 联通昨收市后公布去年业绩,营业额3,549.44亿元人民币按年升8.3%,增速创近九年新高。纯利167.45亿人民币,按年升16.5%符预期;每股盈利0.55元人民币。公司宣派末期息0.109元人民币,上年同期派0.096元人民币。连同已派发的中期息每股0.165元人民币,全年股息合计每股0.274元人民币,按年提升26.9%。派息率为50%,按年提升4个百分点。 公司指,在剔除非经营性损益后,权益持有人应占盈利规模创上市以来新高。而公司去年EBITDA为991.7亿元,按年增长3%,同创上市以来新高。联通表示,2023年将进一步扩大投资,资本开支水平将达到769亿元,按年升3.6%,其中算网投资占比将超过19%、按年增长超过20%。 【业绩符预期 增派息比率】 野村表示,联通去年收入符合预期,纯利按年升16.5%至逾167亿人民币,低于该行原预期175亿人民币,主要受EBITDA毛利率较低所拖累,但公司上调2022年派息比率由2021年的46%升至50%,重申「中性」投资评级及目标价5.6元,相当于预测2023年企业价值对EBITDA的0.9倍。 富瑞发表报告指,联通去年第四季净利润按年跌26%至10.78亿元人民币,较市场预期低出13%,相信是由于部分市场分析未有将折旧增加的因素计算在内,撇除税后折旧影响约17.6亿元人民币的,该行估算其第四季净利润按年增长89%。该行考虑到联通盈利及每股派息超出预期,富瑞上调对联通未来几年EBITDA及纯利预测,目标价由7.65元微升至7.66元,评级为「买入」。 -------------------------------------- 下表列出6间券商对其评级及目标价: 券商│投资评级│目标价(港元) 富瑞│买入│7.65元->7.66元 摩根士丹利│增持│7元 摩根大通│中性│6.7元 瑞银│买入│5.7元 野村│中性│5.6元 瑞信│跑赢大市│4.9元 券商│观点 富瑞│上季业绩表现胜预期,50%派息比率符预期 摩根士丹利│去年第四季收入、EBITDA及派息增长均优于预期 摩根大通│去年第四季业绩符预期,派息率比上调对近期股价有利 瑞银│上季业绩符斯预期,憧憬管理层多次强调高质量发展前景 野村│去年收入符预期,提高派息比率 瑞信│去年第四季收入及EBITDA增长符预期
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