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《大行報告》野村下調中國鐵塔(00788.HK)目標價至2.15元 評級「買入」
阿思達克 07-08 10:13
野村發表研究報告指,市場擔憂美國制裁華為的陰霾下,5G供應鏈活動似乎有所停滯,但考慮到5G發展目前仍為早期階段,加上電信商今年目標增加約68萬個新5G基站,相信發展步伐將逐步加快,當中中國鐵塔(00788.HK)可從中受惠。

報告指出,作為5G主要基站服務供應商,中國鐵塔有望受惠於5G網絡需求增長趨勢,相信未來基站租賃率及利用率將穩步提高,為公司帶來可持續利潤及充足現金流,支持股息增長。

野村預計,中國鐵塔上半年收入可按年提升約5%,當中基站收入增長2%。但在電信商定價高於預期的壓力下,該行將2020至2022年收入預測收入降低0.4%至1.2%,盈利預測下調3.7%至5.7%,預期期內EBITDA利潤率達71.8%至72.9%,目標價由2.35元下調至2.15。

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