大行評級|傑富瑞:資本管理仍是三大中資電訊股關鍵催化劑 首選中國移動
傑富瑞指市場關注三大中資電訊即將公佈的派息及股票回購政策,認為三大電訊股都是“低價增長股”,因為它們都屬低於一倍的市盈增長率(PEG)和有吸引力的股息收益率。偏好順序保持不變:首選中國移動,其次是中國電信及中國聯通。傑富瑞預計2024年,三家公司的派息率將進一步提高,且預期每股收益將在2024年增加,從而提高每股股息和股息收益率。其中,中移動自1月15日起重新啟動股票回購計劃,已回購240萬股,估計平均價格為每股65港元,總計約1.55億港元。富瑞認為,國資委鼓勵中央企業進行股票回購,並將市值納入高級管理層的績效考核指標,而中移動已經樹立了良好的範例,料中國電信及中國聯通亦會考慮進行股票回購。隨着中國5G和寬帶建設高峯期過去,預計資本支出將下降。傑富瑞預測,2024年三大電訊公司的綜合資本支出將按年下降7%,總資本支出與銷售額的比率將從2023年的約21%降至2024年的約19%。資本支出與銷售額比率下降意味着更好的自由現金流,從而提高了向股東返還資本的能力。
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