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大行評級|摩根大通:若免收港股通股息利得税料更多資金流入中資電訊股 聯通最受惠

摩根大通發表研報指,如果有關免收港股通股息利得税的政策得以落實,預計將會有更多資金流入在港上市的中資電訊股,因為該等股份股息回報相對較高,股息率達約8%,每股派息年均複合增長率超過10%,極具吸引力,對中資電訊股維持“增持”評級。

上週五消息傳出後,中資電訊股股價上揚,摩通指,計及上週五反彈後中資電訊股的H股股價相對A股仍有30%以上折讓,由於中國聯通的H股相對A股折讓幅度最大,預期會是今次措施的最大受惠者,短期內看好聯通,長期則選擇中國移動。

至於香港電訊商方面,該行則預期香港寬帶與電訊盈科將受惠。由於香港電訊未獲納入港股通,摩通預期潛在納入以及可能剝離光纖業務,都將成為上行催化劑。

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