《大行報告》瑞銀上調聯通(00762.HK)目標價至8元 評級「買入」
瑞銀發表研究報告指,聯通(00762.HK)去年全年派息每股27.4分人民幣,派息比率達50%,股息回報為5厘,雖然預計聯通派息比率不會像同行中移動(00941.HK)及中電信(00728.HK)一樣高,但相信其派息比率仍會持續增長,現時預測今明兩年派息比率將提升至53%及55%,加上約10%至15%的淨利潤增長,預測至2024年股息回報應可增至7厘。
該行預測聯通今年服務收入將繼續按年增長7.8%,主要來自於疫情後移動數據消費復甦以及互聯網普及化下智能家居產品銷售增加。聯通預料今年資本支出將按年增加3.6%,大部分用於提高網絡質量,並計劃用於投資數據中心及雲端業務。
瑞銀表示,現時對聯通的盈利增長及業務可持續性更有信心,將2023至2025年淨利潤預測上調2%至5%,並預期淨利潤年複合增長率可達12%,將目標價由5.7元升至8元,認為H股估值仍然具吸引力,相信隨著盈利增長及股本回報率改善,聯通將繼續獲估值重評,評級「買入」。
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