摩通:调整本地电讯股目标价 首选香港宽频(1310.HK)
摩根大通发表研究报告,谈及疫情对香港电讯商的影响、5G及这些公司的派息前景。该行将数码通(0315.HK)及和记电讯香港(0215.HK)的目标价分别下调至5.7港元及1.5港元,评级“中性”,以反映疫情爆发的情况持续,以及预期中长期会损失更多移动市场占有率。然而,该行将香港电讯(6823.HK)及电讯盈科(0008.HK)的目标价分别上调至14港元及5.3港元,评级为“增持”。基于股息前景之下,其投资顺序为香港宽频(1310.HK)、电讯盈科、香港电讯、和电香港及数码通。
摩通指,漫游业务受到重创,而和电香港在这方面的收入最高,其次是数码通,估计旅游次数减少会令今年的漫游收入有约四分之一的损失。本地移动服务表现相对稳定,因为大部分收入都是来自合同,而有些人更会在家工作时使用移动服务。家居宽频的服务亦不错,尤其是在家工作令速度升级的需求增加。
该行又指,香港电讯在疫情下受到的影响不大,其企业业务集中于大型公司及政府机构,因此会较香港宽频的中小型企业业务更有韧性。另外,香港电讯及中移动(0941.HK)凭借其网络及频谱优势,以及差异化的定价与服务策略,巩固了5G时代的市场地位。
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