报告指出，虽然公司上半年免费电视业务表现强劲，但OTT业务表现疲弱，而电讯业务则保持稳定。摩通认为，尽管电盈的股息收益率高达10%，但认为香港电讯股息分派传导率潜在下降，将限制电盈未来数年派息的上行空间，该行看好香港电讯多于电盈，因前者的股息收益达8%，加上每股股息增长前景改善。JP Morgan is bullish on HK Television-Ss (06823) over PCCW (00008), because the former's dividend yield is 8% with improved outlook for dividend per share growth.
According to the Intelligent Financial Information APP, JP Morgan released a research report stating that they rate PCCW (00008) as 'Neutral' with a target price of HKD 4.
The company maintained a dividend of 9.77 HK cents per share in the first half of this year. HK Television-Ss (06823) under PCCW plans to use the proceeds from the sale of 40% equity interest in the passive network business to repay its debt of USD 0.87 billion. This move will help reduce the company's interest payments and improve the outlook for dividends. However, it is estimated that the incremental dividend income received by PCCW due to HK Television's debt repayment is not significant, only around 60 million HKD. If PCCW does not dispose of its assets in the future, it will maintain a stable dividend throughout the year and further lower the dividend payout ratio from HK Television from 100% in 2022 and 97% in 2023 to a long-term 90%.
The report pointed out that although the company's free TV business performed well in the first half of the year, the OTT business was weak, while the telecommunications business remained stable. JP Morgan believes that although PCCW's dividend yield is as high as 10%, the potential decrease in the dividend payout transmission rate of HK Television will limit the upward space of PCCW's dividends in the next few years. The bank is bullish on HK Television over PCCW, as the former's dividend yield is 8%, combined with an improved outlook for dividend per share growth.
