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花旗下调铁塔(0788.HK)目标价至2港元评级“中性”
格隆汇 08-08 15:36

花旗报告指铁塔(00788.HK)上半年纯利按年升110.6%至25.48亿元人民币,较该行及市场预期分别低13.7%及17.2%。期内收入按年升7.5%,对比2018财年自然增长为11.2%。未计IFRS 16会计影响EBITDA升5.3%,对比2018财年自然增长为15.2%。

铁塔业务收入按年升5.1%(2018年全年自然增长8.9%),主要受惠於电讯商增强4G网络。跨行业站址应用与信息业务(TSSAI)收入按年升125.4%,占总收入2.2%。期内不计IFRS 16会计影响EBITDA利润率为58%,较去年同期59.2%下跌,主要受员工成本及非铁塔业务销售成本影响。

该行又指,公司期内整体租赁比率为1.58(第一季为1.56),电讯公司收入增长压力及5G增长挑战或会限制市场对公司进一步的重估。该行维持铁塔“中性”评级,目标价由2.05港元降至2港元。

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