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中移動仍是退休收息「首選」?(業績分析) @ 2025-08-12T Back Hot News
Keyword:中移動 中國移動
Concept:
沽空 $1.29億; 比率 9.022% 昨日(7日)收市後公布中期業績,今早高開0.6%報86.5元,最新報87.15元上揚近1.4%。野村發表報告指,中移動第二季收入受壓,但利潤表現改善,上半年公司盈利按年增長5%,EBITDA按年增長2%,EBITDA利潤率按年上升0.5個百分點至39.8%。資本支出按年下降8.8%至584億元人民幣,並指引2025財政年度資本支出為1,512億元人民幣,較2024財政年度持續下降。自由現金流按年減少62.2%至255億元人民幣,該行認為可能是由於與政府及企業業務有關的應收賬款增加所致,而管理層預期這將於下半年有所改善。中移動中期股息按年升5.8%,並指引今年派息比率高於去年。該行認為基本表現疲弱已大致為市場預期,基於消費者業務市場飽和及劇烈競爭,但相信中移動在目前疲弱宏觀環境下仍為防守性股,維持該股106港元目標價及「買入」評級。
里昂預測中國移動(00941.HK)、中國電信(00728.HK)及中國聯通(00762.HK)中期服務收入將增長1.3%、1.1%及2.4%至4,690億、2,490億及1,800億元人民幣,淨利潤預測分別增長3.4%、7%及8.8%,達到829億、233億及150億元人民幣,全年股息回報率預料分別達到6.4%、5%及5.6%。里昂首選為中移動,看好其較高股息回報,對中移動、中電信及中聯通均給予「跑贏大市」評級,目標價86元、6.2元及9.5元。(GC/A)

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