JPM Selects CHINA MOBILE (00941.HK) as Sector Top Pick, Rated Overweight
JPM Selects CHINA MOBILE (00941.HK) as Sector Top Pick, Rated Overweight
The performance of Chinese telecoms in 4Q21 was mixed, reported JPMorgan. The attractive dividend policy of CHINA MOBILE (00941.HK) exceeded the market's expectations, while the growth of CHINA UNICOM (00762.HK)'s dividend payout ratio was disappointing, the broker illustrated.
JPMorgan viewed CHINA MOBILE as the sector top pick, favoring its strong balance sheet, enticing 10% dividend yield with high visibility of growth and potential share price support from the H-share repurchase program. CHINA MOBILE was rated at Overweight, with a target price of $70.
CHINA TELECOM (00728.HK) was also preferred, on the back of its 9% dividend yield, robust growth and extensive exposure to non-traditional fixed-line businesses. CHINA UNICOM, on the other hand, was not recommended due to its relatively weak dividend profile and balance sheet. CHINA TOWER (00788.HK)'s share price, meanwhile, was projected to remain flattish.
The broker's preference order, from the most favourite to the least, for the telecom sector was CHINA MOBILE, CHINA TELECOM (Overweight/ TP $3.7), CHINA UNICOM (Neutral/ TP $4.3) and CHINA TOWER (Neutral/ TP $0.95).
据摩根大通报道，中国电信业在2011年第四季度的表现喜忧参半。该经纪商表示，中国移动(00941.HK)诱人的股息政策超出了市场的预期，而中国联通(00762.HK)的股息支付率增长令人失望。
摩根大通将中国移动视为行业首选，青睐其强劲的资产负债表，凭借高度的增长可见度和H股回购计划对股价的潜在支撑，吸引了10%的股息收益率。中国移动的评级为加码，目标价为70美元。
中国电信(00728.HK)也因其9%的股息收益率、强劲的增长和对非传统固话业务的广泛敞口而受到青睐。另一方面，中国联通没有被推荐，因为其股息状况和资产负债表相对较弱。与此同时，中国铁塔(00788.HK)的股价预计将持平。
该经纪商对电信板块的偏好从高到低依次是中国移动、中国电信(增持/TP$3.7)、中国联通(中性/TP$4.3)和China Tower(中性/TP$0.95)。