摩通维持铁塔(0788.HK)“中性”评级目标价1.95港元
摩根大通发表报告指,中国铁塔(00788.HK)上半年整体业绩不太差,惟第二财季收益及利润率远差於首季度,且管理层对业务的指引明显较半年前保守,尤其是跨行业业务(TSSAI)及利润率方面。该行认为,市场普遍对铁塔有较乐观预期。

报告补充,由于铁塔是在港上市仅有的5G概念股之一,加上市场预期电讯营运商将会提高今年5G基站的数目,因此市场对铁塔的投资情绪仍高涨。不过,该行表示,数据显示该公司自上市後,EBITDA毛利率有下降趋势,主因一系列因素,包括TSSAI新业务、增加招聘、收紧坏帐处理会计标准等;另电讯营运商减省成本,亦是重要考虑因素。因此,维持其“中性”评级,以现金流折现率计,目标价1.95港元,相当于明年预测企业价值对EBITDA比率约6倍。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.