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摩通料铁塔(0788.HK)次季收入增6%目标价1.95港元
格隆汇 07-23 17:12
摩根大通发表报告指,预期中国铁塔(0788.HK) 今年第二季总收入录192亿元人民币(下同),按年温和增长6.1%,按季则升1.6%;纯利则料录13亿元,按年升56.6%,按季则升1.2%。
报告认为,市场对铁塔今年盈利展望或过高。该行补充,虽然中国铁塔业绩料不会是股价催化剂,料市场不会改变对铁塔公司的看法,因市场视其为5G相关股之一,并不太在意其潜在盈利预测向下调整或公司指引更趋保守。
摩通预料中国铁塔今年上半年纯利录约25.84亿元,但市场现预测其全年盈利达56亿元,该行相信该预测具挑战性,尤其是第四季通常属淡季。该行更指出,市场对铁塔2020至2021年的盈测过度乐观。
该行留意到,中国铁塔自3月起已下调毛利及跨行业站址应用与信息业务(TSSAI)指引,以及对5G的贡献看法亦保守;同时,市场亦尚未完全反映内地三大电讯商节省成本,以及中国铁塔转移额外5G成本予营运商的潜在难度等因素。摩通维持予中国铁塔“ 中性 ”评级,目标价1.95港元。
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