大行評級|瑞銀:維持香港寬頻“沽售”評級 目標價下調至3.4港元
瑞銀髮布研究報吿稱,下調香港寬頻目標價19%,由4.2港元降至3.4港元,評級維持“沽售”。目標價下調主要由於較高的利息成本和加權平均資金成本預測,預計公司截至8月底止下半財年每股股息將同比再下降20%,而上半財年已降50%。該行認為,住宅業務下行空間有限,但企業業務需時復甦。該行將香港寬頻2023至25財年純利預測分別下調14%/18%/9%,因假設2023/24財年平均借貸成本將達6%至7%,此前為5.5%。公司現時2023/24財年股息率8%至9%,相較於同業香港電訊股息率9%至10%,以及業務前景更具韌性等因素,續偏好“買入”香港電訊,多於香港寬頻。
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