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大和重申卖出中国铁塔(0788.HK)维持目标价1.36港元
格隆汇 07-12 12:58
格隆汇7月12日丨大和重申中国铁塔(0788.HK)沽出投资评级,维持目标价1.36港元不变,报告指出公司未必完全得益于5G发展。
报告指,内地3大电信商中,中国联通已关闭其2G网络;中移动、中电信则指需长时间部署5G计划,现阶段内地逐步退役180万个2G基站影响公司收入增长前景。
该行又称,中国铁塔5G发展需额外或更高的资本支出,如升级电力接驳及通风系统等。由于2G被5G取代,能否为此要求电讯营运商在中国铁塔额外投资给予弥补,现仍在商讨中。
但另一方面,大和仍看好公司收入增长前景,预计公司2018至2021年收入年复合增长率为8.6%,唯独指出公司租赁比率好于预期,惟该行重申卖出投资评级,基于加权公允价值计算,目标价维持1.36港元。
中国铁塔(0788.HK)最新报2.13港元,最新总市值3749亿港元。
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