汇丰研究升中国铁塔(0788.HK)目标价至2.41港元评级“买入”
汇丰研究发表报告,预期中国铁塔(00788.HK)上半年总收入将按年增长8.9%,铁塔租赁业务收入料按年升5.5%。此外,分布式天线系统收入增长将较去年下半年加速,料按年升逾43%。EBITDA利润率料持平於58.2%水评,因为新业务发展导致员工成本增加。

随着中国4G建设结束,小型基站上半年应用越来越多,该行将2019财年塔楼基站净增加预期由原本6万个上调至8万个,不过相信总收入增长不会有重大改变,因为每个基站(小型基站)收入较低及出租比率较低。该行维持中国铁塔“买入”评级,目标价由2.25港元升至2.41港元。
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