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大行評級|大摩:上調香港電訊目標價至11.5港元 列為行業首選股
格隆匯 04-10 13:27
摩根士丹利發表報吿,將香港電訊的目標價由10.3港元上調至11.5港元,維持“增持”評級,並把該股列為行業首選股。目標價對應預測股息率7.1釐,對應美國十年期債券目標收益率3.6釐有350個基點利差。該利差較原假設縮窄50個基點,反映市場在關税和政策不確定性中對高可見度股息支付的認可。該行同時把電訊盈科的目標價由3.9港元上調至4.5港元,基於香港電訊估值調整,投資評級維持“與大市同步”,基於當前估值已充分反映股息傳遞率風險。該行預計香港電訊今年每股股息將增長約4%,增速較2024年加快,受惠固定業務更穩定環境,以及移動業務穩固地位和持續的交叉銷售機會。
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