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《大行報告》摩通:聯通(00762.HK)上季業績遜預期 首選中移動(00941.HK)
摩根大通發表報告指,聯通(00762.HK)上季業績遜預期,EBITDA和純利分別低於市場預期6%和9%。雖然移動和寬帶業務穩定,但由於產業互聯網和雲計算收入在季內急遽減速,總服務收入按年增長由去年8%放緩至今年首季的6%。 報告指,由於加強了成本控制,聯通首季EBITDA增長保持穩定,但盈利增長減弱,部分原因是利息支出增加。該行預計業績公布後,市場會對其盈利預測進行負面修正,並指聯通仍然是其在「電訊三雄」中最不偏好的選擇,因為明年預測6%股息率中是行業中最低,而中移動(00941.HK)和中電信(00728.HK)分別為8%和7%。 進入首季業績期,該行指,更偏好中移動,因為股息率吸引和高流動性,而且第一季可能實現穩固的業績。偏好順序依次為是中移動、中電信、聯通。
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