瑞信:维持中国铁塔(0788.HK)“跑赢大市”评级 目标价2.55港元
瑞信发表研究报告称,虽然中国联通(00762.HK)及中国电信(00728.HK)有共建共享5G网络的计划,对中国铁塔(00788)的投资情绪有负面影响,但该行一直期望两间营运商能够合作。该行预测,5G推出将带动铁塔2020年的宏站收入增5.9%,较对其2019年预测增5.4%,以及2018年的增长为2%加快。基于中国铁塔股价由近期高位(7月4日)下跌14.7%,相信非电信收入表现令人失望及共建共享的忧虑已“过龙”,维持公司“跑赢大市”评级,目标价2.55港元。


该行称,集团的非电信收入的发展令人失望,故下调对其今年收入预测0.7%。鉴于集团的营运负债率高,所以分别下调公司今年除息、税、折旧及摊销前利润(EBITDA)及纯利的预测0.8%及5.1%。
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