瑞银:中国铁塔(0788.HK)上季EBITDA略逊预期 评级“中性”
瑞银发表报告指,中国铁塔(00788.HK)第三季经调整EBITDA按年增长2.8%,较该行预期低1.2个百分点,年初至今的收益率亦明显低於今年的市场预测。另外,由于铁塔和TSSAI业务的增长均放缓,集团收入由第二季的按年上升5.5%,进一步减速至第三季的仅增长4.1%。该行维持对中国铁塔的“中性”评级及目标价1.92港元。
瑞银认为,虽然部分或因与第三方协商的维护成本较低,从而使集团的收入和经营开支均下降,但收入和EBITDA的势头放缓仍然令人忧虑,预期今年末季及明年首季将会是关键时期,主因当5G开始作出贡献,该行将更加清楚集团的盈利能力。
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