《大行報告》瑞銀升聯通(00762.HK)目標價至7.5元 資本開支降屬驚喜
瑞銀髮表報告指,聯通(00762.HK)去年第四季服務收入827億元人民幣,按年升3.7%,EBITDA爲210億元人民幣,按年跌6.4%,主要因爲員工開支增加。第四季純利按年升37.3%至14.8億元人民幣,2022年同期因一次性折舊成本而導致比較基數較低。去年全年純利增長11.8%,達到指引的雙位數目標。資本開支739億元人民幣,按年跌0.4%,較指引水平低4%,屬正面驚喜,主要因爲公司將投資重點由傳統電訊業務轉向數碼業務,因此網絡投資較少。
聯通對今年資本開支指引爲650億元人民幣,按年減少12%,低於該行預期。該行將聯通今年至2026年的純利預測調整0至4%,將資本開支估算下調10%以上,目標價由7.3元上調至7.5元,評級「買入」。
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