Market Brief

The articles are produced in Chinese only.

Author

伍洛桓先生(Gary Ng)
經理

畢業於美國加州大學聖地牙哥分校。對投資股票、期權經驗豐富。本人樂意為客戶提供投資分析及買賣策略。歡迎各位來電交流心得。
Phone:
36533000

香港電訊信託與香港電訊有限公司 (6823.HK)

Thursday, September 29, 2016 Views5670

主要業務包括:於香港提供固網、流動通訊及寬頻服務,以及客戶器材銷售、外判服務、顧問服務及客戶聯絡中心等電訊及相關服務。

 

基本資料 :

現價 : $10.96
市值 : 840億
市盈率 : 21倍
周息率 : 5.0%
52週高/低 : $12.48 / $9.03
10天/50天/250天平均價 : $10.93 / $11.42 / $10.57

 

主要股東 :

電訊盈科有限公司(0008.HK)  63.07%

 

評論:

香港電訊公布2016年首六個月財務業績表現理想。截至2016年6月30日止六個月財務報告,總收益增加3%至港幣163.88億元。期內EBITDA總計比2015年同期上升百分之二至港幣58.65億元。主要原因是收購CSL Holdings Limited(「CSL」)後成功整合而持續釋放成本效益,以及電訊業務的表現穩定。每個股份合訂單位的經調整資金流為港幣27.09分,較2015年同期增加百分之五,並宣布中期分派為每個股份合訂單位港幣27.09分。

 

集團其中流動通訊業務的總收益錄得百分之五的升幅至港幣63.35 億元,期末後付客戶每名客戶平均消費額(「ARPU」)由去年的港幣224 元上升百分之二至港幣228 元。流動通訊服務的EBITDA 持續改善,期內的流動通訊EBITDA 總計上升百分之六至港幣24.39 億元,邊際利潤由去年同期的百分之三十八改善至百分之三十九。流動通訊服務的EBITDA 增加百分之七至港幣24.25 億元, 邊際利潤由去年的百分之五十進一步改善至百分之五十三,顯出集團已成功整合CSL並帶來協同效益。預計2016年下半年將推出較具吸引力的高端智能手機,帶動上半年有所下跌的手機銷售。

 

現時股價已由高位$12.48回落超過10%,預計集團業務未來可維持平穏增長,現價計周息率有5%,亦可望派息平穏增加,建議可於股價調整回落時買入。

 

建議買入價: $10.80

目標價: $12.00

止蝕價: $10.50

 

註:本人伍洛桓為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益。

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