大摩:升香港宽频(1310.HK)目标价至17.5港元 重申为行业首选
大摩发表的研究报告指,香港5G频谱拍卖将于10月14日展开,该行估计市场竞争理性,而过往香港电讯(6823.HK)
、数码通电讯(0315.HK)
及和记电讯香港(0215.HK)
均以投资回报为重点,而中移动香港母公司中国移动(0941.HK)
在中国是使用2.6GHz及4.9GHz的频段提供5G服务,相信将减少中移动香港竞投3.5GHz的意欲。
该行认为受香港的经济结构影响,工业层面变现5G的机会不多,不过考虑到通讯办所提出的频谱底价不高,相信最终成交价或达底价的3倍,但价格亦不算高,料香港电讯、数码通及和电将分别斥10亿港元、8亿港元及8亿港元在频谱上,料对未来派息影响有限;而中移动香港的竞投策略亦需重点留意。
该行指出香港宽频(1310.HK)
将于10月24日公布下半财年业绩,该行估计派息将为每股0.35港元,而管理层之前则指引派息将不少于每股0.34港元,当中住宅宽频价格提升仍然是主要的增长引擎,由于仅收购WTT四个月,所以该行不认为在下半财年会有太多协同效应,但相信其整合过程及对2020财年展望的影响将较为重要,而企业服务收入的势头亦值得留意,因为现时香港宏观经济环境较弱,加上WTT客户亦有机会在收购前后出现流失。
大摩指出香港宽频仍为行业首选,将其目标价由17港元升至17.5港元,意味有18%的潜在上行空间,认为现价提供2020财年预测股息率6%相对区内平均5%吸引,而公司亦免于频谱竞投及5G资本开支上升等的风险。
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