《大行報告》大摩:香港寬頻(01310.HK)潛在交易屬短期催化劑 板塊首選香港電訊-SS(06823.HK)
摩根士丹利發表研究報告指,香港寬頻(01310.HK)或獲環球全域電訊(HGC)提出收購要約,若交易成事且兩家公司合併業務,預期對家用寬頻市場競爭格局影響亦不大,因為HGC自身的家用業務收入基礎可能很小,至於企業服務則預期可產生協同效應,因此潛在交易將是短期催化劑。
該行又指,香港寬頻去年下半年付費移動業務ARPU較上半年增長8.7%,數碼通(00315.HK)增長3.1%,香港電訊(06823.HK)則保持穩定,雖然去年首三季競爭加劇,但第四季起行業經營情況好轉,今年初至今亦繼續保持穩定,增強大摩對行業的信心,憧憬重新開放下漫遊業務將復甦,對今年復甦趨勢保持樂觀,料將推動營運槓桿改善。
大摩繼續將香港電訊列為行業首選,認為在12至18個月內更能抵禦潛在競爭風險,加上穩定股息增長帶來可見性,預測今年股息回報達7%至8%,2022至2025年每股派息年複合增長率可達5%,估值水平亦具吸引力,給予「增持」評級,目標價12元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.