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《大行報告》大摩維持中資電訊行業吸引看法 下調聯通(00762.HK)目標價至6元
摩根士丹利發表研究報告,維持對中資電訊行業吸引看法,料回報改善及利率見頂將驅動估值重評。該行調整所覆蓋中資電訊股目標價及盈測。就三大營運商而言,該行微調盈測,大致維持不變,各予「增持」評級。 報告將聯通(00762.HK)H股目標價由6.5元降至6元,主要反映短期現金流轉弱。該行維持中移動(00941.HK)及中電信(00728.HK)H股目標價分別75元及4.5元。 就中國鐵塔(00788.HK)而言,該行輕微上調2023至2024年盈測,反映EBITDA利潤率改善,但略降2025年盈測,反映因收入增長預期放緩帶來的利潤率收縮。由於之前收購的鐵塔已完全折舊,該行亦計入2026年的單次性折舊開支減省。目標價維持0.9元,評級「與大市同步」。 另就中通服(00552.HK)而言,大摩稱,微調對其估值模型,以反映對三大電訊商及中國鐵塔的最新預測,對中通服目標價維持3.5元,評級「與大市同步」。
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