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《大行報告》瑞銀上調和電(00215.HK)目標價至1.95元 去年盈利勝預期
阿思達克 03-02 11:00
瑞銀發表的研究報告指,和記電訊香港(00215.HK)去年業績受惠數據漫遊收入帶動,表現較市場預期好15%,亦較該行預期高12%。在具挑戰性的市場環境下,公司EBITDA仍有4%的增長令人安慰,此外亦有持續的削減成本措施,相關因素已在去年下半年反映,惟公司未有就何時派發特別息作出指引則令該行較為失望。管理層指出,5G推出將不會帶來顯著的資本開支增長,該行認為公司仍有機會在未來兩年將50億元的現金派發予股東,維持「買入」評級,目標價由1.8元升至1.95元。該行指出,去年數據漫遊收入按年增長8%,而去年下半年增長則達14%,主要受惠旅客對公司的數據漫遊組合需求增,但公司亦指出近期訪港旅客減少將在未來數月影響到其收入增長。而在成本方面,公司靠著數碼化及程序優化等已將經營開支下降4%,相信未來12-18個月將有更多好處顯現,但該行估計5G推出或會帶來額外開支,並將抵銷部分的成本優勢。該行將公司盈利預利上調17%,以反映其成本管理好過預期及EBITDA勢頭向好,同時稍降對公司的資本開支預測以反映管理層的指引。(el/k) ~
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