瑞銀:中國鐵塔(0788.HK)上季EBITDA略遜預期 評級“中性”
瑞銀髮表報告指,中國鐵塔(00788.HK)第三季經調整EBITDA按年增長2.8%,較該行預期低1.2個百分點,年初至今的收益率亦明顯低於今年的市場預測。另外,由於鐵塔和TSSAI業務的增長均放緩,集團收入由第二季的按年上升5.5%,進一步減速至第三季的僅增長4.1%。該行維持對中國鐵塔的“中性”評級及目標價1.92港元。
瑞銀認為,雖然部分或因與第三方協商的維護成本較低,從而使集團的收入和經營開支均下降,但收入和EBITDA的勢頭放緩仍然令人憂慮,預期今年末季及明年首季將會是關鍵時期,主因當5G開始作出貢獻,該行將更加清楚集團的盈利能力。
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