《大行报告》美银证券引述铁塔(00788.HK)料明年塔类业务收入增长回升 冀提高派息比率
美银美林发表报告表示,铁塔(00788.HK)管理层透露,预期明年塔类业务收入增长会回升、公司正等待电讯营运商推出5G计划才可最终确定其资本开支、能源业务(换电)快速增长,以及公司会持续提高派息比(18年度55%;19年度60%)。
该行认为,基於铁塔将持续占据主导市场的地位一段长时间;较低的租户转换率提供了稳定的收入来源;与同行相比,其租赁率仍然较低,具有上升潜力及改善经营杠杆;改善自由现金流;派息比率的潜在上升空间;以及5G的推出可能会带来更多的塔楼需求等因素,因此维持铁塔「买入」评级,目标价为2.2元。
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