《大行報告》匯豐研究下調聯通(00762.HK)目標價至5.8元 評級「持有」
匯豐研究發表報告指,聯通(00762.HK)旗下備受關注的工業互聯網細分領域首九個月營收為607億元人民幣,佔服務收入的24%,按年升1.8個百分點,惟上季收入按年增長收窄至9%,遠低於過去四個季度的21%均值升幅。同時第三季「其他」成本按年升14.2%,對上一季則升4.9%,主要與行業網絡擴張有關;該行認為,兩項結果導致聯通上季EBITDA疲軟,按年微跌0.2%。
該行表示,聯通在工業互聯網發展方面,或較同行稍弱,令人質疑業務部門如何在嚴峻的市場中競爭的能力。這意味著聯通雲持續維持強勁成長,首九個月營收367億元人民幣,按年升36.6%。
該行相信,整體上內地電訊公司有良好定位去爭取數位化業務,正留意聯通工業互聯網恢復較快增長的證據,成為其股份的潛在催化劑。該行將聯通H股目標價由6.4元下調至5.8元,維持其評級為「持有」。
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