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《大行報告》富瑞升中國鐵塔(00788.HK)目標價至1.09元 偏好中通服(00552.HK)
富瑞發表報告指,雖然中國鐵塔(00788.HK)不是國企,但主要股東為中國三大電信商,意味著中國鐵塔可能會遵循國資委的倡議,把重點放在資本管理上,以此提升其估值。目標價由1.04元升至1.09元,評級「買入」。 報告指,國資委最近提到有意將市值作為中央國有企業高級管理層的關鍵業績指標,將進一步激勵管理層更多地使用資本管理工具,如派息和股票回購來提高估值。電信商的股價亦因此表現良好。 富瑞對電信生態上偏好依次為三大電訊商、中通服(00552.HK)、中國鐵塔(00788.HK)、中興通訊(00763.HK)、亞信科技(01675.HK)。該行認為中國鐵塔是電信公司的一個有吸引力的替代選擇,但更偏好中通服,因考慮到估值、更大的提高股息率的空間和改善毛利的潛力。
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