汇丰研究:下调香港宽频(1310.HK)目标价至17.4港元 评级“买入”
汇丰研究发表报告表示,香港宽频(01310.HK)若撇除WTT集团四个月之整合,截至今年8月底止全财年服务收益按年升12%,表现强劲,息税折旧摊销前利润(EBITDA)亦升6%,经调整自由现金流增加19%。
报告补充,企业业务是香港宽频潜在的增长引擎,尤其是对WTT集团业务整合後,增加大中型企业市场对於其业务很关链。然而,整合WTT集团涉及相对高的贷款导致去年度融资成本按年增长121%,更估计2020年度融资成本将进一步按年升62%,令该行下调其2020财年纯利预测15%。
基于广告费用上升,汇丰研究将其目标价由17.6港元轻微下调至17.4港元,维持“买入”评级。
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