《大行報告》富瑞下調聯通(00762.HK)目標價至7.24元 季績遜惟估值仍吸引
富瑞發表研究報告指,聯通(00762.HK)第三季業績遜於預期,服務收入、EBITDA及純利分別按年增長約4%、0%、3%,較市場預期分別低出0%、3%及10%。該行認為,5G產業互聯網是主要的拖累,因為聯通該業務第三季按年增長率僅9%,跑輸同業中電信(00728.HK)及中移動(00941.HK)同期分別約16%及約30%增長。不過,由於聯通末季折舊與攤銷開支有望按年減少(因去年同期錄單次性20億元人民幣相關開支),其第四季利潤或會好於預期。富瑞指,中移動仍然是其行業首選。
該行表示,三大中資電訊股中,聯通的業績最弱。該行整體上仍然看好5G產業互聯網增長,但基於規模、技術發展及執行力,認為中電信及中移動的定位會更理想,故相信聯通疲弱的第三季業績不會對另外兩間公司產生任何負面影響。
該行認為,聯通估值仍具吸引力,予「買入」評級,H股目標價由7.6元下調至7.24元。不過,在選擇股票優先順序時,由於中移動的增長具確定性、加上股息具上行空間及具防守性(現金對市值佔比達35%),繼續最看好中移動,其後依次為中電信及聯通。
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