一表綜合券商對中國鐵塔(00788.HK)業績後最新目標價及觀點(表)
中國鐵塔(00788.HK)今早股價靠穩，公司昨日(7日)中午收市後公布中期業績，純利按年升110.6%至25.48億元人民幣(下同)，低於本網綜合8間券商預測的中位數26.24億元。EBITDA按年增33%至278.15億元，接近本網綜合7間券商預測上限278.19億元。營業額按年升7.5%至379.8億元，低於本網綜合8間券商預測下限380億元。
【全年資本開支料維持指引以內】
中國鐵塔(00788.HK)半年資本開支為89.06億元，預期全年資本開支應維持在300億元指引以內，取用資本開支的原則是要以滿足三間營運商的需求為前題。公司指，全國多個政府已明確由中國鐵塔統籌5G站址規劃，截至6月底接到6.5萬個5G基站建設需求，估計全年5G基站建設需求可達10萬，隨著項目陸續交付，預期5G收入亦會逐步增長。
摩根士丹利指，中國鐵塔第二季收入及EBITDA均低過預期，半年公司盈利較該行預期低4.3%，推算第二季盈利12.6億元，低於該行預測的13.8億元。該行認為，營運商在5G資本開支周期前收緊成本控制，因此第二季表現疲弱屬市場預期之內。5G網絡部署的潛在加速會是中國鐵塔的催化劑，重申對中國業塔「增持」投資評級，目標價2.5港元。
【券商對5G催化作用看法分歧】
花旗指出，內地電訊公司正致力5G控制成本，且能基於中國鐵塔去年資本開支節省減低租用價格，限制中國鐵塔毛利擴張及盈利增速。該行認為，聯通(00762.HK)及中移動(00941.HK)共享網絡或減少5G對中國鐵塔的得益。該行維持對中國鐵塔「中性」評級，目標價由2.05港元降至2港元。
本網最新綜合10間券商對其投資評級及目標價：
券商│投資評級│目標價(港元)
野村│買入│2.56元
瑞信│跑贏大市│2.55元
摩根士丹利│增持│2.5元
Jefferies│買入│2.46元
匯豐環球研究│買入│2.41元-2.36元
高盛│中性│2.22元
花旗│中性│2.05元-2.00元
摩根大通│中性│1.95元
瑞銀│中性│1.92元
大和│沽售│1.36元券商│觀點
野村│次季業績稍弱，預計下半年表現更好
瑞信│收入略遜預期，EBITDA略勝預期
摩根士丹利│次季業績如預期疲軟，5G將為業務催化劑
Jefferies│扣除會計變動因素後中期業務符預期，看好下半年前景
匯豐環球研究│收入遜預期，新業務領域增長良好
高盛│次季業績符預期，債務水平及融資成本下降
花旗│中期業績遜預期，收入疲弱為毛利率添壓
摩根大通│次季業績遜預期，業務趨勢較首季大為減弱
瑞銀│中期業績略遜預期，受累收入增長減慢
大和│中期業績令市場對5G發展主題看法帶來挑戰
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