野村:料5G可帶動鐵塔(0788.HK)今年收入穩定增長 維持買入評級
野村發表研究報告指,中國鐵塔(0788.HK)去年純利按年增長97.1%至52.2億元(人民幣.下同),均勝過於該行及市場預期的2%。儘管新冠肺炎疫情將為業務帶來風險,惟管理層仍有信心在5G網絡及新興業務需求增加下,今年收入將可穩定增長;公司亦將保持嚴謹的資本開支,因此維持其“買入”投資評級,目標價2.2港元。
野村提及鐵塔目前逾90%員工已復工,預計疫情對全年的影響相對有限。管理層又指,公司目標是實現健康及可持續的增長,同時會爭取達到發行限制性股票計劃的解鎖條件。由於公司已申請更多低息債,估計今年財務成本會保持穩定或微降。
該行又指,鐵塔預期今年整體資本開支為280億元,其中5G資本開支為178億元。公司去年塔類基站淨增6.9萬個,預期今年增幅相若。此外,於去年底公司從三家中資電訊商中共接獲26.5萬個5G基站訂單,其中16.1萬個已經交付,另租出3.8萬個。但現階段5G基站測試期長且存在不確定性,惟管理層預期今年測試時間將會縮短至約一個月。

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