《大行報告》富瑞:聯通(00762.HK)季績弱 首選仍為中電信(00728.HK)
富瑞表示,聯通(00762.HK)首季收入、EBITDA及淨利潤分別升6.1%、2.8%及11.2%。服務收入及EBTIDA增長低於預期,但淨利潤增長符預期。收入疲弱主要因為疫情。工業互聯網收入僅增長15.3%。經調整EBITDA及淨利潤僅分別增長0.3%及0.4%,部份原因為壞賬急升。該行預期未來數季增長會逐步改善。雖然聯通估值為內地三大電訊股中最低,但該行偏好次序仍為中電信(00728.HK)、中移動(00941.HK),最後才是聯通,給予聯通「買入」評級,目標價7.66元。
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