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《大行》摩通:中資電訊股雲收入增長放緩因國企數字化需求減慢
摩根大通發表研究報告指,中國三大電訊商今年上半年整體純利均錄得約5%按年增幅,主要受到成本優化(營運開支下降、資本開支及折舊減少等)支持,三大營運商均按年提高上半年派息比率,顯示出對提升股東回報的承諾。 摩通估計三大電訊商H股股息率維持於5%至6%的吸引水平,當中以中國移動(00941.HK)最高,達到6%。摩通又指,注意到三大電訊商的雲收入按年增幅從2024年的17%至35%,顯着放緩至今年上半年的5%至10%,相信是由於互聯網公司市場份額提升,以及國企數字化需求減慢所致。該行仍對中國移動、中國電信(00728.HK)及中國聯通(00762.HK)維持正面看法,全數給予「增持」評級,看好強勁股息回報率、盈利增長及潛在雲收入上行空間。摩通繼續列中電信爲首選股,因其雲業務佔比最高及傳統移動與寬帶服務最具韌性。
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