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《大行》瑞銀升中電信(00728.HK)目標價至7.4元 評級「買入」
瑞銀發表報告指,中電信(00728.HK)第二季服務收入1,244億元人民幣(下同),較去年同期增加2.1%。得益於有效的成本控制,次季EBITDA利潤率按年增長1個百分點。淨利潤為142億元,較去年同期增加7.1%,高於該行和市場預測2%,增幅亦高於中移動(00941.HK)和聯通(00762.HK)。 報告指,中電信業績中最值得注意的地方是傳統電信業務前景穩定。上半年移動ARPU為46元,儘管面臨宏觀不利因素,但與去年同期比較大致持平。混合寬頻ARPU為48.3元,與去年同期持平。管理層預期傳統電信收入將維持穩定增長,ARPU值將在增值服務及人工智能升級的支持下保持穩定。 該行假設成本控制改善,上調中電信2025至2028年淨利預測0%至2.5%。目標價由6.8港元升7.4港元,意味著2026年股息率為4.4%。評級「買入」。
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