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中電信(00728.HK)首季EBITDA增36% 上月3G上客量320萬戶 @ 2013-04-27T08: Back Hot News
Keyword:首季 聯通
Concept:中國電信首季 , 19億元人民幣
聯通首季盈利較美銀美林、瑞信及摩根士丹利等美資券商預測為高,惟較市場平均預期25.8億元為低。
繼2012年首度下滑之後,中移動電訊業務今年首季延續頹勢。公司一季度營收1347億元,同比增長5.7%;股東應占利潤為279億元,同比增長0.3%。這一業績增速相比中國聯通可能要遜色許多。中國聯通3月份3G新增用戶超400萬,繼2月份日新增用戶數16萬超預期之後,再次超市場預期。招商證券預計其一季度業績增速在40%以上。而德銀預估中國電信首季淨利潤同比增長9%。
報告又指,中移動手機EBITDA利潤率按年跌2.2個百分點至45.4%,對比去年首季的按年跌幅為1.5個百分點,反映其數據貢獻擴大令利潤率攤薄。3間內地電信商中,中移動30%收入來自數據,聯通及中電信則分別為20%及18%,因此中移動面對OTT(如微信)等的替代壓力最大,網絡維修等的數據流通成本較高。(I)
中移動(00941.HK)受低階用戶增及手機補貼影響,首季僅賺279億元人幣,按年微升0.3%,按季更跌22%,期內ARPU續降至63元人幣。該股低開0.6%至82.1元。相反,競爭對手聯通(00762.HK)高開0.6%,報10.76元,中電信(00728.HK)高開1.6%,報3.87元。

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