《大行報告》瑞銀下調本地電訊股目標價 香港電訊(06823.HK)股息率較吸引
瑞銀發表研究報告,表示維持對香港電訊(06823.HK)及電訊盈科(00008.HK)的「買入」評級,並繼續看好香港電訊,認為其業務前景更具彈性,而香港寬頻(01310.HK)則仍需時復甦,維持「沽售」評級。
該行表示,渠道調查發現近幾個月家居寬頻市場競爭有所改善,但移動服務競爭仍然激烈,相信香港電訊市場在過去十年已經歷過多輪價格戰,不同客群已均滲透,因此各營運商市場份額未來將保持穩定。
瑞銀指出,香港電訊主要面向價值驅動型客戶, ARPU及用戶數量穩定增長,同時企業收入增長表現向好,成為中期業績一大亮點。而香港寬頻企業方案新團隊今年2月上場,目前在手訂單有所增加,預期可於明年出現復甦。
考慮到香港銀行同業拆息(HIBOR)仍然高企,利息成本對加權平均資本成本預期較高,因此瑞銀下調所覆蓋的本地電訊商目標價,其中香港電訊目標價從13元降至11.8元,電訊盈科從4.8元降至4.32元,而香港寬頻則由4.2元降至3.4元。
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