富瑞电讯商共建5G网络损铁塔(0788.HK)盈利降评级至“持有”
富瑞发表研究报告指,中国联通(0762.HK)拟与中国电信(0728.HK)共建5G网络,三间电讯商亦会探讨共享农村5G网路的可行性,相信或有损中国铁塔(0788.HK)的EBITDA及每股盈利,该行将铁塔评级由“买入”调低至“持有”,目标价则由2.45港元下调至1.93港元。
富瑞相信,联通与中电信的合作会令5G基站的数量减少,由早前估计的600万降至406万,令铁塔2021至2023年的收入减少3%-6%,其后更降9%-12%,不过公司仍有需要为设备升级,令明年至2026年的净资本开支增加100亿元人民币。
该行将铁塔今年至2022年的EBITDA年复合增长率由10.5%调低至7.3%,期内每股盈利的年复合增长率则由35%降至21%。
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