花旗:上調中國鐵塔(0788.HK)目標價至1.72港元 評級“中性”
花旗發表研究報告,上調中國鐵塔(0788.HK)目標價2.99%,由1.67港元調高至1.72港元,維持“中性”評級。
該行稱,鐵塔首季淨利潤同比增13.1%至15億元人民幣,低於該行預期3%;收入增4.2%,去年同期的增長為6.4%;除息税折舊及攤銷前利潤(EBITDA)增6.9%。集團電信業務收入的增長壓力及5G增長的挑戰,可能會限制其進一步獲重估的機會。
該行認為,電信業務收入增長的挑戰,部分會被非電信業務的增長抵銷,因為行業新增基站較去年少,今年目標新增約14萬個,去年約為100萬個。集團受到的定價壓力或較預期大,而5G租賃價格存不確定性,看到電信業務收入有持續減少的風險。該行表示,跨行業站址應用與信息業務首季收入增長62%,相信是一定程度上受惠於能源業務,並可能成為今年的主要增長動力。
今年營運商的5G資本開支預算低過市場預期,而今年目標是增加50萬個5G基站,該行預計是增加60萬至70萬個,部分原因是基站價格急速下跌。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.