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《大行報告》野村下調中國鐵塔(00788.HK)目標價至1.52元 評級「買入」
阿思達克 03-09 09:59
野村發表的研究報告指,中國鐵塔(00788.HK)去年收入升6.1%,意味第四季按年增長7.7%,符該行及市場預期,期內盈利按年升23%至64.3億元人民幣,分別較市場及該行預測高1.2%及3.9%,派息比率由2019年的60%升至68%。該行認為公司塔類業務表現稍為改善,主要受惠5G網絡需求提升,而非塔類業務收入貢獻則有增加。該行將其2021至2022年盈利預測降2%至5%,以反映折舊開支較高、資本開支高過預期等,評級維持「買入」,主要認為其估值低於歷史平均,目標價由1.63元降至1.52元。

該行指出5G基建需求提升未直接帶動公司核心業務收入增長,部分因為營運商選擇在現有鐵塔採納基站設施,而現有5G推出有97%的新租戶選擇在現有鐵塔中推出而非在新建鐵塔中,限制了公司租賃收費,認為情況短期未變,而長遠而言公司估計營運商獲更多頻譜並升級5G網絡,將帶動新鐵塔的需求提升,該行估計2021至2022年公司鐵塔收入年複合增長為3.6%,稍高於去年的2.8%增長。

該行認為公司塔類業務與三大營運商有較大關連,而中國鐵塔現時正利用其全國鐵塔資產推動「兩翼」業務,該行估計TSSAI及能源業務2021至2023年收入年複合增長將分別為18%及69%,估計到2023年「兩翼」將貢獻收入的一成,現時公司聚焦於客戶及收入擴張,長遠而言受惠規模效應及增值服務,料相關利潤率將有改善。

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