《大行報告》大摩下調本地電訊股目標價 偏好香港電訊(06823.HK)股息率約9厘
摩根士丹利發表研究報告指,本地電訊商今年上半年業績基本符合預期,但競爭格局的改善似乎未有預期中明顯,雖然各大營運商增長前景仍較穩定,但亦指出,利率上升的風險持續影響板塊情緒。
大摩指出,上半年各電訊商的移動服務收入表現各有不同,香港電訊(06823.HK)移動服務收入錄得約5%的穩定增長,後付費ARPU亦增長1%。和記電訊(00215.HK)本地服務收入及ARPU增長10%,勝預期;而數碼通(00315.HK)則受預付費業務所拖累,本地服務收入跌6%。
該行指出,上半年營運商縮減促銷活動,但目前市場上的價格競爭仍然激烈,對下半年持謹慎樂觀看法,預期即將推出的蘋果iPhone 15,或會引發新一輪促銷潮。
大摩在一眾本地營運商中較看好香港電訊(06823.HK),因其股息率達到約9厘,維持「增持」評級。同時將電盈(00008.HK)評級從「增持」降至「與大市同步」,目標價由4.5元降至4元。香港寬頻(01310.HK)、數碼通及和記電訊均維持「與大市同步」評級,目標價分別降至4、4.7及1.2元。
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