大行評級|高盛:輕微上調中國電信目標價至5.4港元 上調2024至2026年盈測
高盛發表研究報吿指,中國電信上半年的平均每月每户行動服務收入(ARPU)和利潤率穩定,成為電訊股業績的亮點。集團上半年的移動ARPU按年輕微增加0.2%,而同行則下降1至3%。該行認為,集團第二季業績應有助於紓緩投資者對其收入放緩及盈利能力惡化的疑慮,續予“買入”評級,並上調2024至2026年各年盈測分別1.8% 、2.5%及1.3%,目標價由5.3港元輕微上調至5.4港元。
報吿指,中國電信管理層之前的指引是EBITDA利潤率將繼續呈現下降趨勢,但下降速度將在未來幾年放緩。然而,由於嚴格的支出控制,集團次季的EBITDA利潤率按年上升0.6個百分點。該行認為,這應可增加投資者對下半年盈利增長的信心,相信集團在今年可繼續錄得強勁的盈利增長。
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