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《大行報告》瑞銀:中資電訊股爲今年宏觀環境不確定下避風港 首選中移動(00941.HK)
瑞銀髮表報告指,中資電訊股是今年宏觀經濟不確定的避風港,估計今年中資電訊行業服務收入按年增長6.3%,增幅略低於去年的6.5%,主要受經濟前景影響,而傳統電訊業務增長保持在3%以上的穩定水平,工業互聯網業務增長20%,爲整體服務收入貢獻超過一半增長,但相關業務前景仍受宏觀經濟影響。該行估計中移動(00941.HK)、中電信(00728.HK)、中聯通(00762.HK)服務收入分別增長6.4%、6.3%及5.9%,純利分別增長6%、9%及12.7%。 該行估計,5G資本開支將會持續減少,5G基站數目已超出政府計劃,營運商能夠在增長及盈利能力方面取得平衡。派息方面,估計中電信及聯通今年及以後的派息比率,分別維持於70%及54%。中移動今年派息比率估計爲72%,由於公司持有大量現金儲備,相信2025年會提升派息比率,繼續改善股東回報。 該行對三大中資電訊股均持「買入」評級,首選中移動,主要因爲其傳統電信業務,提供可靠的盈利及現金流。(cy/k) ~
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