一文綜合券商於中移動(00941.HK)公布季績後最新目標價及觀點
中移動(00941.HK)公布今年首季業績後,今早股價造1好,盤中曾高見68.75元一度走高1.9%,最新報68.1元升近1.6%。中金指中移動首季收入符預期,淨利潤超預期,受益於成本費用管控良好,5G 網絡客戶數達到3.63億戶,5G網絡滲透率達36.9%。首季手機上網DOU(每月每戶手機上網流量)達到14.7GB,按年升13.1%;受益於5G套餐滲透快速提升及用戶流量使用增長,移動ARPU錄47.9元人民幣按年升0.8%。。
中移動昨收市後公布截至今年首季業績,營業額2,507.46億元人民幣按年升10.3%。純利280.67億元,按年升9.5%;每股盈利1.31元人民幣。期內,EBITDA增長4.9%至799億元人民幣,少於本網綜合本網綜合3間券商所預測介乎802.84億至828億元人民幣,即按年增加5.5%至8.8%。EBITDA率就由上年同期33.5%降至31.8%。首季流量業務保持穩定增長,移動ARPU為47.9元人民幣,按年增長0.8%。
政企市場方面,一體推進「網+雲+DICT(Data Technology、Information Technology、Communication Technology)」規模拓展,推動政企基礎業務提質增量,規模複製推廣成熟行業應用,持續做優做大移動雲規模,政企市場保持強勁增收動能。首季度DICT業務收入為94億元人民幣按年增長23.9%。
【DICT增長放緩 股息回報吸引】
摩根大通表示,中移動首季盈利按年升9.5%,對比去年增長8%,公司旗下DICT業務如同業般增長放緩,但重申對其「增持」評級及目標價75元,指其息回報達8厘水平吸引,指其具強勁的資產負債表,認其在中資電訊股中具相對較強的防守性。
華泰證券表示,考慮到公司較高的盈利能力及其在政企市場的增長潛力,上調對中移動目標價由80.5元升至82.7元,維持「買入」評級,指其首季基本面穩中向好,收入按年增長10.31%,純利按年增長9.53%高於市場預期,該行看好公司的發展潛力,預計其2023至2025年純利各為為1,355億、1,453億及1,542億元人民幣。
瑞銀表示,中移動首季服務收入按年升8.3%,內地整個工業數據服務行業收入增長有所放慢(首季增長23.9%,對比去年增長38.7%),相信是受到去年基數較高、今年初受疫情所影響,對相關業務造成影響,但該行對相關業務持續增長維持正面,重申中移動屬行業首選股及目標價89元。
------------------------------------------
本網最新綜合8間券商對其投資評級及目標價:
券商│投資評級│目標價(港元)
瑞銀│買入│89元
富瑞│買入│85.68元
中金│跑贏行業│85元
中銀國際│買入(首選)│83元
華泰證券│買入│80.5元->82.7元
花旗│買入│81元
摩根士丹利│增持│75元
摩根大通│增持│75元
券商│觀點
瑞銀│預期未來收益穩健維持行業首選,股息收益率具有吸引力
富瑞│EBITDA增長仍然健康,淨現金流充裕
中金│轉型業務需求旺盛,經營效率持續優化
中銀國際│首季服務收入增長勝同業超過同行,股息收益率具吸引力
華泰證券│利潤率穩步提升,政企業務持續提質增量
花旗│預計未來幾季保持營運強勢,股息逾7%具吸引力
摩根士丹利│季績符預期,DICT業務健康增長
摩根大通│盈利穩固,但DICT業務趨勢有所放緩
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.