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《大行報告》花旗升聯通(00762.HK)目標價至7.1元 股息及估值吸引
花旗發表報告指,聯通(00762.HK)去年業績與初步公告相符,管理層指引今年資本開支650億元人民幣,按年減少12%,低過該行預期屬正面驚喜,主要因為流動通訊資本開支減少,而AI及運算基建投資則持續。管理層指引今年收入穩定增長,盈利料有雙位數增長,派息比率最少按年持平。 報告指,由於聯通上季表現遜預期,因此將今明兩年的盈利預測各下調6%,但目標價由6.9元上調至7.1元,以反映資本開支減少及雙位數盈利增長指引,將會改善自由現金流,並提供增加派息的空間,估計今明兩年派息比率分別59%及62%,高於去年度的55%,以預測股息率8.3%及預測市盈率7倍計算,估值吸引,維持「買入」評級。
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