智通财经APP获悉，摩根士丹利发布研究报告称，仍看好内地电信商维持分红，同时预期行业可受惠于5G周期后资本开支减少，以及营运资金状况潜在改善。相对电信营运商，大摩在中国市场里较看好数据中心及塔类企业的发展。而大摩对三大电信商偏好排名目前为中国电信(00728)、中国联通(00762)及中国移动(00941)，均予“增持”评级。
该行预测，内地电信行业今年服务收入增长率将略为回升至3.2%，对比2024年为2.7%，但仍低于经济增长步伐，主因是传统业务受压及新业务重点转移至现金流，预期中电信、中联通及中移动今年股息增幅将分别达到9%、20%及6%。
大摩认为，中国铁塔(00788)增长前景更具韧性，同时2023至2026年每股派息年均复合增长率高达30.3%，远高于三大电信商，因此将中国铁塔评级上调至“增持”，目标价1.3港元。该行亦看好国内数据中心需求强劲，较看好万国数据-SW(09698)及世纪互联(VNET.US)。
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