匯豐研究:下調中國鐵塔(0788.HK)評級至“減持” 目標價1.3港元
匯豐環球研究發表報告,指聯通(0762.HK)
和中電信(0728.HK)
達成框架協議,合作建設和分享5G網絡,令兩公司享協同效應,但同時在零和效應下,上游的供應商,包括中國鐵塔(0788.HK)
則未來可見的業務將會減少。
該行指,此前認為鐵塔公司的鐵塔業務見利潤增長,主因租賃收入增加、租户增加,預期中國鐵塔至2021年毛利率可達21%,反映了租户的利潤增加27-37%,及租用比率增2倍,但在新協議下,相信數字會有所減少。
匯豐環球研究指,在重新調整有關數字後,下調對中國鐵塔目標價由1.97港元降至1.3港元,此按現金流折現率作估值,主因盈利下降和現金流減少,評級由“
持有
”降至“
減持
”。
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