《大行報告》匯豐研究降和電香港(00215.HK)目標價至1.38元 漫遊進一步復甦支持前景
匯豐發表報告,降和電香港(00215.HK)目標價,由1.47元下調6.1%至1.38元,但仍維持「買入」評級,認為漫遊業務的進一步復甦將支持公司前景。又認為和電香港通過Supreme高端品牌、儲值卡SoSim預付費、家庭寬帶和移動虛擬網絡營運商(MVNO)等不同市場細分領域的成功定位,以及過去幾年對網絡質量的投資,為所有業務領域的進一步增長提供了支持。隨著5G頻譜相關的折舊及攤銷費用開始減少,利潤前景有望改善。
匯豐指和電香港的服務收入在2023年增長8%,主要得益於漫遊收入的77%增長;每股淨虧損收窄67%至1.08港仙。2023年全年股息持平於每股7.49港仙。報告稱,派發特別股息仍是管理層考慮中的可能選項之一。
報告指,由於有良好的成本控制,和電香港2023年的EBITDA按年增3%,本地服務收入(即非漫遊業務)在競爭激烈的環境下,仍按年上升1%。然而,下半年本地服務收入下降7.4%,可能是由於後付費客戶的流失加快。預付費業務表現強勁,用戶按年增加38%,主要受漫遊產品需求以及SoSim品牌的分銷和市場推廣改善所帶動,SoSim漫遊收入佔總漫遊收入的13%。
匯豐認為,和電香港過去幾年對網絡的投資現在開始顯現成效,特別是在5G家庭寬帶服務方面,客戶基礎按年增93%,而Supreme高端品牌亦有受惠。預計2024年,或可繼續受惠入境人數上升以及企業漫遊服務。
考慮和電香港下半年業績低於該行預期,匯豐研究降其2024年及2025年的收入預測分別8.1%及7.6%,EBITDA預測則降9.3%及7.9%。
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