《大行報告》大摩上調三大中資電訊股目標價 維持「增持」評級
摩根士丹利發表研究報告,按國家工信部數據推算,預測2023年第四季內地電訊行業服務收入增速放緩至4.6%,對比第三季增幅為7.4%,但所有電訊商仍有望實現利潤增長年度目標,同時在國企改革的背景下,預期現金流改善將有助提高股東回報,重申對三大中資電訊股的「增持」評級。
大摩預測,2023年第四季中移動(00941.HK)、中電信(00728.HK)及聯通(00762.HK)服務收入將按年增長4%、6%及3.9%,純利料分別增長6.1%、9.2%及38.2%(受低基數影響)。而中國鐵塔(00788.HK)及中國通信服務(00552.HK)則預期要面對較大短期增長壓力。
基於盈利增長穩固、資本支出下降、股東回報提升以及有吸引力的估值水平,大摩繼續看好三大中資電訊股,並維持對中國鐵塔及中國通信服務的「與大市同步」評級。
大摩將中移動H股目標價從75元上調至80元,中電信H股目標價從4.5元上調至5元,聯通目標價則從6元上調至6.5元。至於中國鐵塔及中國通信服務,目標價則分別為0.9及3.5元。
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