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《大行報告》匯豐研究下調中國鐵塔(00788.HK)目標價至1.5元 評級「買入」
阿思達克 04-21 12:12
匯豐研究發表的報告指,中國鐵塔(00788.HK)今年首季收入按年增7.4%,符該行預期,首季鐵塔業務租戶淨增3.6萬,高於去年第三及第四季,不過就與去年首兩季類近,主要受惠5G活動增加。首季來自電訊服務供應商的業務收入按年升4.6%,當中分布式天線系統增長20%,慢過去年首三季,而來自跨行業站址應用與信息(TSSAI)的收入則表現強勁,按年增長55%,能源業務亦倍增至3.77億元人民幣,認為TSSAI及能源業務到2023年底將貢獻整體收入逾10%。

該行指出首季公司EBITDA僅按年增7%稍遜預期,主要反映了業務增長下的投資,加上由於經營開支按年增長8.5%,拖累EBITDA增長慢過整體收入增長。該行將公司長遠EBITDA預測下調,認為新業務仍需投資支撐。

該行對其收入預測大致不變,但就微升中期經營開支預測,並提升了折舊及攤銷的估算,目標價由1.6元降至1.5元,維持「買入」評級。

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