You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行报告》摩通下调中国铁塔(00788.HK)目标价至1.45元 评级「中性」
阿思达克 03-09 09:49
摩根大通发表研究报告指,中国铁塔(00788.HK)去年收入、EBITDA及盈利分别按年升6%、5%及23%,符市场预期,该行认为铁塔收入高增长的空间有限,主要因为营运商成本管控较严,加上5G投资亦较审慎,期内「两翼」业务作为收入增长引擎角色有所提升,不过经营开及及资本开支现阶段均较大,维持对股份「中性」评级,相信市场预期已回复至合理水平,但股份暂时仍缺催化剂,将目标价由1.65元降至1.45元,以反映资本开支预测较高及EBIT预测下降。

该行指出中国铁塔去年第四季塔类业务收入增长加快至4.5%,认为主要受惠5G贡献及疫情影响不复见,管理层估计今年5G收入增长并不显着,现时估计近期塔类租金业务增长将为低至中单位数,主要因为营运商在5G网络及成本方面管控亦较严格,

在非营运商业务方面,中国铁塔增长强劲,来自两翼业务的收入下半年占比提升至5.7%,其中TSSAI收入下半年增长达67%,主要受惠信息服务增加,总体而言两翼业务贡献去年收入增长的四成。

该行指出去年第四季盈利虽胜预期,不过利润仍然受压,而公司去年资本开支升至370亿元人民币亦令人感意外,管理层估计今年资本开支将为300亿元人民币。公司宣派每股2.235分股息,相当於股息率2%,意味派息比率达68%,高於2019年时的60%,认为派息比率提升市场早有预期,不过升幅仍好过预测。(el/w) ~

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account