《大行》花旗上調中資三大電訊商目標價 首選中電信(00728.HK)
花旗發表中國電信行業報告,在宏觀經濟不確定性與地緣政治風險加劇的背景下,中國電信行業憑藉高股息率和穩健的盈利能力展現出強勁韌性。該行對三大中資電信商的投資偏好順序為中電信(00728.HK)>中移動(00941.HK)>中聯通(00762.HK)。其中,中電信因在AI和雲業務的領先優勢最具增長潛力,中移動則以高股息收益率吸引收益型投資者,同時謹慎看待中聯通A股高估值風險。
花旗新增中移動2027財年預測,並將2025至2026財年盈利預測上調1至2%,主要受惠於折舊費用和成本假設的降低,儘管收入預測略有下調。目標價由82.3元上調至105.1元,維持「買入」評級。約6.4%的股息率使其成為穩健的收益型投資選擇。
花旗新增對中電信2027財年預測,並將2025至2026財年盈利預測上調1%,反映成本和折舊費用的降低,部分被收入預測下調抵消。目標價由5.1元上調至7.1港元,維持「買入」評級。其在雲業務的領先規模為長期增長提供支撐。
花旗新增對中聯通2027財年預測,將2026財年盈利預測上調2%,2025財年預測基本不變,反映成本和折舊費用的降低。目標價由6.9上調至11.2元,維持「買入」評級,股息率預測約5.4%。
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