《大行報告》野村降中國鐵塔(00788.HK)評級至「中性」 下調目標價至1.35元
野村發表報告表示,中國鐵塔(00788.HK)首季鐵塔業務收入按年升3.9%,增長高於2020財年,部分是受去年同期疫情影響,受惠跨行業站址應用與信息業務(TSSAI)按年增長55.3%,能源經營業務按年增長225%,帶動整體收入按年增長7.4%。
該行指中國鐵塔首季EBITDA利潤率大致穩定於73.5%水平,純利按年增16.7%。考慮到電訊商指引2021財年資本開支增長為低單位數百分比,該行認為中國鐵塔需要待鐵塔建築需求提升,而非鐵塔業務在未來兩至三年將為較重要的增長引擎。
野村將中國鐵塔2021至2023財年盈利預測降3.8%-11.8%,反映因其2020財年資本開支約370億元人民幣高過預期,故折舊及攤銷成本較高,加上公司亦正等待電訊商的5G路線圖,故將評級由「買入」降至「中性」,目標價由1.52港元降至1.35元港元,相當於預測2022年企業價值對EBITDA的3.9倍(低於歷史均值)。
該行指出考慮到內地電訊商在5G基建投資上花費將較審慎,該行認為在內地電訊商找到更好方法變現5G業務前,將影響中國鐵塔未來兩年鐵塔收入增長,此外該行估計2021及2022年公司鐵塔收入將分別按年增4.2%及2.9%,僅稍為高於2020財年,同時公司經營現金流將繼續有健康增長,受惠資本開支管控派息或有潛在上行,而股息率現水平(預測2022年股息回報3.7厘)亦較吸引。(el/w) ~
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