《大行》匯豐研究憧憬中資電訊股股息續增 首選中移動(00941.HK)
匯豐研究發表研究報告指,隨着5G資本開支高峯期結束,中資電訊商資本開支正呈下降趨勢,各公司都表明重視股東回報,加上雲端和數據中心等工業互聯網業務支持盈利增長,預期電訊商未來股息增長受到多重利好因素所驅動。
匯豐研究將中國移動(00941.HK)的評級從「持有」上調至「買入」,列行業首選,目標價調升至107元,預測今年股息回報率可高達6.4%,爲同業之冠。該行又認爲,雲業務規模擴大將推動中移動及中電信(00728.HK)EBITDA利潤率改善,同步上調中電信目標價至6.8元,評級維持「買入」,今年股息回報率預測達爲5.3%。
雖然預期中國聯通(00762.HK)股息速度爲三大電訊商中最快,2024至2027年股息年均複合增長率達10%,但由於盈利是受到一次性非經營項目所推動,因此匯豐研究仍維持其「持有」評級,目標價升至9.6元,今年股息回報率料達5.1%。至於中國鐵塔(00788.HK),該行維持「持有」評級,相信2027年底與三大電訊商的價格談判仍是懸而未決的問題。
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