《大行報告》瑞銀降中移動(00941.HK)目標價至85元 派息前景具韌性
瑞銀發表報告指出,中移動(00941.HK)去年第四季服務收入1,989.6億元人民幣,按年增長3.7%,符合該行預期。由於員工和銷售費用增加,季內EBITDA按年跌6%至729.8億元人民幣,較該行及市場預期低10%。純利按年跌2.5%,較該行預期低3%,部分由於浦發銀行的投資收益較低。全年派息每股4.83元,派息率71%,大致符合預期,意味著股息率達7.2%。
中移動管理層預期今年及之後兩至三年的收入與純利將實現良好增長(該行估算為增長超過5%)。公司自今年起將為5G資產的折舊年限由七年調整至十年,估計可為公司今年減少折舊約180億元人民幣,相信可為今年宏觀不利因素下的純利增長提供緩衝。管理層亦預期今年起的三年內派息率逐步提升至75%以上,該行認為有驚喜,公司派息前景具韌性。
該行將中移動2024至2026年收入及純利預測微調1%至3%,預測年均複合增長率為5%。對公司目標價由89元下調至85元,維持「買入」評級。
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