《大行報告》摩通降電盈(00008.HK)評級至「中性」 削香港寬頻(01310.HK)至「減持」
摩根大通發表報告指,香港電訊股去年下半年業績喜憂參半,香港電訊-SS(06823.HK)是唯一一間股息正增長的公司。由於香港電訊股的基本面出現分化,且美國利率前景仍不明朗,該行建議投資者選擇性地選股。
該行指,在電訊盈科(00008.HK)自去年以來股價表現跑嬴同業約30%後,將其評級由「增持」下調至「中性」,因為擔心股息前景及有潛在的獲利壓力,目標價由4.4元下調至4元,相當預測內含價值對EBITDA的6.3倍。同時對香港寬頻(01310.HK)評級由「增持」削至「減持」,因為公司在執行力、企業管治和資產負債率方面存在結構性問題,相信預計短期內不會出現轉機,目標價由4.5元下調至2.4元,相當預測內含價值對EBITDA的5倍及市盈率7倍。
摩通指,香港電訊是該行在香港電訊股首選,目標價11元,評級「增持」。因具防御性和韌性的業務表現;9%的可觀收息率;以及盈利或股息增長具高能見度。其次為電訊盈科,然後為香港寬頻。
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