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《大行報告》花旗下調鐵塔(00788.HK)目標價至2元評級「中性」
阿思達克 08-08 15:03

花旗報告指鐵塔(00788.HK)上半年純利按年升110.6%至25.48億元人民幣,較該行及市場預期分別低13.7%及17.2%。期內收入按年升7.5%,對比2018財年自然增長為11.2%。未計IFRS 16會計影響EBITDA升5.3%,對比2018財年自然增長為15.2%。

鐵塔業務收入按年升5.1%(2018年全年自然增長8.9%),主要受惠於電訊商增強4G網絡。跨行業站址應用與信息業務(TSSAI)收入按年升125.4%,佔總收入2.2%。期內不計IFRS 16會計影響EBITDA利潤率為58%,較去年同期59.2%下跌,主要受員工成本及非鐵塔業務銷售成本影響。

該行又指,公司期內整體租賃比率為1.58(第一季為1.56),電訊公司收入增長壓力及5G增長挑戰或會限制市場對公司進一步的重估。該行維持鐵塔「中性」評級,目標價由2.05元降至2元。

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