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大行評級|傑富瑞:上調中資電訊股目標價 首選中國移動

傑富瑞研究報吿指,由於國企支出謹慎,加上電訊業資本支出減少,三大中資電訊股、中國通信服務及中國鐵塔的上半年及第二季收入增長可能不如預期。該行認為,中國通信服務最具韌性,因最受惠中國積極推動數位轉型、AI採用趨勢(意味將興建更多數據中心)及去碳化(能源管理軟體需求上升),因此會有中單位數收入增長,其他股份則普遍錄得低單位數增長。不過由於嚴格的成本控制、資本支出和折舊及攤銷增長較低、非經營收入較高,相信盈利表現不會與預期相差太遠。

該行指,儘管業績預測被下降,但強勁且不斷上升的自由現金流,股東回報理想及高收益率等原因,令中上述5股仍然非常吸引。其喜好排序依次為中國移動、中國通信服務、中國電信、聯通及中國鐵塔。該行將中國移動目標價由92.21港元升至101.69港元,中國電信目標價升2%至5.45港元,中國聯通及中國通信服務目標價分別由7.79港元及6.3港元,升至10.67港元及6.33港元,惟中國鐵塔目標價降5%至1.2港元,均維持“買入”評級。

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