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瑞信:予鐵塔(0788.HK)“跑贏大市”評級 目標價2.55港元
格隆匯 10-18 17:06
瑞信發表研究報告指,中國鐵塔(0788.HK) 第三季收入遜預期,税息折舊及攤銷前盈利(EBITDA)則大致符預期。報告稱,其首三季總收入按年升6.3%,較去年4.6%的增速温和加快。儘管鐵塔收入受維護收費調整影響,首九個月塔類業務收入按年升幅仍加快至4.1%,去年則錄2.3%。跨行業業務(TSSAI)及室分業務(DAS)板塊亦帶來額外增長動力,首九個月收入分別增100.7%及45.2%。
報告稱,鐵塔首三季EBITDA按年增31.7%,部分由於採用《國際財務報告準則第16號-租賃》(IFRS 16),純利則按年增長97.5%。
瑞信表示,儘管維護收入調整,中國鐵塔已完成該行今年全年收入、EBITDA及純利預測的分別73.1%、74.7%及66.9%。報告予其“ 跑贏大市 ”評級,目標價2.55港元。
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