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《大行報告》星展降中移動(00941.HK)目標價至93元 評級「買入」
阿思達克 02-08 10:15
星展發表報告指出,中移動(00941.HK)為內地最大移動營運商,市佔率約58%,公司擁有最大的5G用戶群,在營運商中佔比高過50%。此外,公司有巨大的網絡基建,幾乎覆蓋內地所有地區。公司與中國廣電啟動700Mhz 5G網絡共建共享,提高其部署5G網絡的成本效率。 該行認為,中移動DICT業務(通訊、訊息技術、雲端和大數據業務)為主要收入增長動力,貢獻約50%的增量服務收入。該行料在國家數碼化措施下,中移動DICT業務將於今年維持按年升約20%的強勁增長。 另外,中移動去年將派息率提升至70%以上,該行估計其去年盈利增長穩健,約升7%,支持股息進一步增加。上調派息將為一個正面催化劑,引發股價重評,股息率約為8%。該行維持對中移動的「買入」評級,是行業首選股,目標價由97元下調至93元,將公司2023至2025財年盈利預測各下調1%、4%及6%。
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