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《大行報告》瑞銀:中移動(00941.HK)爲行業首選 上調中興(00763.HK)目標價30%至42元
瑞銀髮表報告指,國家工信部數據顯示,4月至5月份電訊行業服務收入按年增長5.5%,增速較今年首季的7.7%及去年全年的8%放緩,相信是受到宏觀不利因素影響,令IDC、雲端、大數據、物聯網等增值服務收入增長減慢。 但該行指出,期內傳統電訊業務增長保持穩定,按年升3.8%,較首季的3.6%及去年的3.2%持續加快,預期電訊商盈利增長仍具韌性,今年第二季中移動(00941.HK)、中電信(00728.HK)及聯通(00762.HK)服務收入料分別增長6.4%、6.3%及6%。 瑞銀預計中電信及聯通的盈利增長將穩定在10.3%及11.6%,與首季增幅相近。而中移動則可能受到高基數影響,令盈利增幅從首季的9.5%放緩至次季的3.4%。但該行仍認爲中移動的傳統電訊業務具有韌性,令公司處於行業最有利地位,因現價具吸引力,重申列爲首選股,予H股目標價89元。 該行預計三大電訊商都有望實現全年盈利增長指引,各予H股「買入」評級,中電信及聯通目標價分別爲5.6及8元。另外亦看好中興通訊(00763.HK)毛利率擴張統驅動盈利顯着上行,將其H股目標價由32元升30%至42元,評級「買入」。
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