《大行報告》摩通:鐵塔(00788.HK)業績紓緩投資者憂慮 營運商成本控制仍是主要風險
摩通發表研究報告,指中國鐵塔(00788.HK)第三季收入、EBITDA及盈利分別增長7%、7%及20%,相信經歷了兩個令人失望的季度業績,是次收入和EBITDA表現應可紓緩投資者憂慮,料不會導致股價下跌,但因營運商正在努力控制成本及與營運商簽署的《商務定價協議》至2022年到期,料屆時會發生變化,故相信股份獲重估機會不大,維持「中性」評級,目標價1.65元。
該行指,鐵塔業務收入正走出谷底恢復增長,第三季相關收入增3.4%,較上半年增1.6%為快,主因去年第三季基數較低、更多5G貢獻、以及疫情影響。今年首三季5G基站建設達34.5萬個,而上半年為21.5萬個,並透過共享資源滿足超過97% 5G需求,在現階段不預期租賃收入會有明顯增加,因營運商目前正採取更多的成本控制措施。
該行又指,公司的非主營業務方面見強勁增長。第三季EBITDA利潤率見輕微下降0.2個百分點,預期未來會繼續溫和下降,因需投資新業務和應用於股權激勵計劃等。
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