瑞银发布研报称,上调对中国联通(00762)目标价,由8.3港元升至10.5港元,维持“买入”评级。该股目前股价相当于为明年预计股息率6.8%,高于历史平均水平的5.5%。该行下调对联通今年至2027年资本支出假设10%至15%,下调联通今明两年净利润预测3%至5%,反映新业务投资增加,部分被折旧减少抵消。该行预联通长期现金流将增加,基于业务向新企业业务转型下,现金-ROIC提高1个百分点。该行上调对公司今年至2027年服务收入预测1%至2.5%,假设更强企业业务增长。
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