《大行報告》摩通下調中國鐵塔(00788.HK)目標價至1.45元 評級「中性」
摩根大通發表研究報告指,中國鐵塔(00788.HK)去年收入、EBITDA及盈利分別按年升6%、5%及23%,符市場預期,該行認為鐵塔收入高增長的空間有限,主要因為營運商成本管控較嚴,加上5G投資亦較審慎,期內「兩翼」業務作為收入增長引擎角色有所提升,不過經營開及及資本開支現階段均較大,維持對股份「中性」評級,相信市場預期已回復至合理水平,但股份暫時仍缺催化劑,將目標價由1.65元降至1.45元,以反映資本開支預測較高及EBIT預測下降。
該行指出中國鐵塔去年第四季塔類業務收入增長加快至4.5%,認為主要受惠5G貢獻及疫情影響不復見,管理層估計今年5G收入增長並不顯著,現時估計近期塔類租金業務增長將為低至中單位數,主要因為營運商在5G網絡及成本方面管控亦較嚴格,
在非營運商業務方面,中國鐵塔增長強勁,來自兩翼業務的收入下半年佔比提升至5.7%,其中TSSAI收入下半年增長達67%,主要受惠信息服務增加,總體而言兩翼業務貢獻去年收入增長的四成。
該行指出去年第四季盈利雖勝預期,不過利潤仍然受壓,而公司去年資本開支升至370億元人民幣亦令人感意外,管理層估計今年資本開支將為300億元人民幣。公司宣派每股2.235分股息,相當於股息率2%,意味派息比率達68%,高於2019年時的60%,認為派息比率提升市場早有預期,不過升幅仍好過預測。(el/w) ~
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