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野村:重申中鐵塔(0788.HK)“買入”評級 目標價2.33港元
格隆匯 10-21 13:45

野村發表研究報告指,中鐵塔(0788.HK)公佈第三季業績,收入按年上升4%,但按季持平,按年增長亦較第二季按年增長5.5%少。該行認為,鐵塔收入增長受影響,主要由於4G轉5G的過渡期在短期的需求放緩,加上受維護收費調整影響。該行重申“買入”評級,目標價維持2.33港元。

野村表示,中國三大電訊商為5G部署整裝待發,對4G基站的需求相對靜止,已在第三季租户健康增長上反映。野村又認為,5G租户的收入未能在第三季完全反映,因為5G設備需要較長時間設置及測試。

另外,雖然瑞典電信製造商愛立信(Ericsson)指中聯通(0762.HK)及中電信(0728.HK)的共建共享計劃或導致5G設備採購延後,但相信中國的5G需求會在2020年恢復,而中聯通董事長最新計劃今年興建5萬個5G基站較8月時的指引進取。野村認為,三家電訊商仍然積極推出其5G商用服務,中國5G的長期路線圖保持不變。

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