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大和中国铁塔(0788.HK)或未能受惠5G加速布局
格隆汇 07-12 11:52

大和总研发表研究报告指,中移动(0941.HK)早前在上海一个手机活动上表示会加速其5G布局,期望在2020年底能达到城市级的覆盖。但该行不认中国铁塔(0788.HK)会因此受惠,故重申其“沽售”投资评机,目标价维持1.36港元。

大和表示,三大营运商除发展5G,同时亦准备2G旧基站退役,惟营运商不需因5G基站取代2G基站而需支付额外费用。另外,中国铁塔需额外的资本开支确保现有基站能为5G准备就绪。

大和指,虽然认为中国铁塔的收入增长前景强劲,但在5G取代2G的情况及其资本支出增加的定价机制下,风险不比营运商低。

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