一文了解券商於聯通(00762.HK)公布中期業績後最新目標價及觀點
中國聯通(00762.HK)昨(9日)收市後公布今年中期純利略勝市場預期,今早(10日)股價逆市上揚,盤中曾高見5.69元一度上揚3.6%,最新報5.68元升3.5%,成交額6,617萬元。瑞銀表示聯通第二季服務收入按年升逾6%符預期,EBITDA及純利增長高於該行原預期2至3%,宣派每股中期息20.3分(按年升23%),派息比率提高至50%(對比2022年上半年為46%),管理層明確指2023年派息比會較2022年有所提升(2022年派息比率50%),相信市場對公司提升派息比率感到正面驚喜,重申對其「買入」評級及目標價8元。
聯通公布今年中期營業額1,918.33億元人民幣按年升8.8%。純利123.91億人民幣按年升13.1%,略高於本網綜合3間券商預測純利介乎122億至122.68億人民幣,並連續七年實現雙位數提升;每股盈利40分。派每股中期息20.3分,較上年同期16.5分增長23%。
聯通上半年服務收入達到1,710億人民幣按年提升6.3%;EBITDA達到536億元人民幣,按年增長4.1%。物聯網業務收入實現54億元人民幣,按年增幅達到24%;聯通雲實現收入255億元人民幣,按年提升36%,全年收入力爭超過500億元人民幣。
【業績略優預期 提升派息比率】
富瑞發表報告表示,聯通第二季業績鞏固,中期派息比率50%,該行估計其2023年全年派息比率達54%,明年進一步提升至58%。該行認為聯通估值較同業中電信(00728.HK)及中移動(00941.HK)為低,提供息回報與中電信相近,認為其在三大中資電訊股中最吸引,重申「買入」評級,將目標價由7.37元升至7.6元。
華泰証券指聯通今年中期利潤延續雙位數增長,移動業務方面,公司上半年的5G套餐用戶達2.32億戶,5G滲透率達到71%(2022為66%),移動業務ARPU按年增長0.9%至44.8元人民幣,用戶價值穩步提升;固網業務方面,今年上杽年固網寬帶出賬用戶達1.08億,融合滲透率達到75%,聯通智家業務主要產品收入按年增長49%。公司產業互聯網業務持續快速發展,收入按年增長16.3%至430億人民幣,佔服務收入比達到25%,新舊動能轉換趨勢更加顯著。其中,聯通雲加速發展,收入按年增長36%至255億人民幣;大數據/物聯網收入分別按年增長54%及24%,分別至29億及54億人民幣。
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本網最新綜合5間券商對其投資評級及目標價:
券商│投資評級│目標價(港元)
華泰証券│買入│8.2元
瑞銀│買入│8元
富瑞│買入│7.37->7.6元
摩根士丹利│增持│7.5元->7元
野村│中性│6.1元
券商│觀點
華泰証券│上半年利潤延續雙位數增長,雲業務延續較高收入增速
瑞銀│次季業績穩健,派息積極有驚喜
富瑞│次季業績增長具彈性,雲收入低於行業增長
摩根士丹利│次季服務收入、EBITDA和淨利潤增長均符預期
野村│次季盈利穩健,惟雲收入增速放緩
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