《大行报告》大摩下调香港宽频(01310.HK)目标价至3.5元 近期压力已合理反映
摩根士丹利发表报告指,香港宽频(01310.HK)2023财政年度下半年,仍然面对EBITDA增长放缓、利息成本增加的压力,每股派息只会持平,相信管理层策略方向正确,但成效需要时间实现,维持「与大市同步」评级,目标价由4元下调至3.5元,相信近期压力已合理反映。
管理层目标是住宅业务保持平稳,该行估计竞争环境较为稳定,每月每户平均收入缓慢复苏,但原有合约较长期、客户流失风险下,相信复苏的影响需时实现,因此估计下半年度住宅宽频每月每户平均收入,大致维持不变,至2024年度进入温和增长的轨道。
商业用户方面,该行指,在宏观经济疲弱、资讯科技开支处于缓慢周期下,并不预期下半年商业收入较上半年重拾增长。
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