美銀美林:重申中國鐵塔(0788.HK)“買入”評級 目標價2.1港元
美銀美林發佈報告稱,重申中國鐵塔(0788.HK)“買入”評級,基於去年的新建站點數量低於該行最初的預期,調整對中國鐵塔的基本假設,將2019至2021年各年每股盈測分別下調7%、15%及17%,目標價由原來的2.3港元下調至2.1港元。
該行稱,在去年第三季中國聯通(0762.HK)宣佈進行5G網絡共建共享合作後,市場一面倒轉向投資中國鐵塔,及至去年第四季,隨着市場收集到更多信息後,先前的過度反應才開始回落。
該行稱,隨着其鐵塔業務的運營槓桿及其有紀律的資本開支,發現公司的自由現金流一直處於上升的趨勢。由於現金流持續有改善,該行認為這增強公司穩定上調派息比率的能力(2018財年:55%)。

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