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《大行報告》大和下調中國鐵塔(00788.HK)目標價至1.38元 評級「沽售」
阿思達克 03-19 10:55
大和發表的研究報告指,中國鐵塔(00788.HK)去年第四季業績大致符合該行預測,而業績中亦有部分正面訊號,包括是成本趨勢逐漸可預測,而去年資本開支亦低於該行的預期。儘管如此,該行繼續認為主要客戶(聯通和中電信)的網絡共享計劃將令公司中期盈利勢頭令市場失望,重申「沽售」評級,目標價由1.4元降至1.38元。

大和指出公司第四季淨利按年增96%至13.5億元人民幣(下同),惟仍稍低於該行預期,主要因為塔類業務收入差過預期。公司宣派末期息每股0.01455元,符預期。該行指出受惠室內業務帶動,第四季收入增長向好,而主要的鐵塔業務的增長繼續令人失望,故該行將公司塔類業務收入預測降2-3%。該行將公司2020-21年EBITDA利潤率預測升0-0.8個百分點,相信經營表現將符預期,但就將公司每股盈利預測下調3-13%。

該行認為雖然市場波動,但鐵塔股價仍相對企穩,特別是與營運商比較,相信是因為投資者預期公司將是內地5G的主要受惠者,而該行予「沽售」評級,主要因為相信其股價已反映了對5G的高度期望。(el/u) ~

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