《大行報告》美銀證券引述鐵塔(00788.HK)料明年塔類業務收入增長回升 冀提高派息比率
美銀美林發表報告表示,鐵塔(00788.HK)管理層透露,預期明年塔類業務收入增長會回升、公司正等待電訊營運商推出5G計劃才可最終確定其資本開支、能源業務(換電)快速增長,以及公司會持續提高派息比(18年度55%;19年度60%)。
該行認為,基於鐵塔將持續佔據主導市場的地位一段長時間;較低的租戶轉換率提供了穩定的收入來源;與同行相比,其租賃率仍然較低,具有上升潛力及改善經營槓桿;改善自由現金流;派息比率的潛在上升空間;以及5G的推出可能會帶來更多的塔樓需求等因素,因此維持鐵塔「買入」評級,目標價為2.2元。
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