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《大行报告》汇丰研究下调中国铁塔(00788.HK)目标价至1.5元 评级「买入」
阿思达克 04-21 12:12
汇丰研究发表的报告指,中国铁塔(00788.HK)今年首季收入按年增7.4%,符该行预期,首季铁塔业务租户净增3.6万,高於去年第三及第四季,不过就与去年首两季类近,主要受惠5G活动增加。首季来自电讯服务供应商的业务收入按年升4.6%,当中分布式天线系统增长20%,慢过去年首三季,而来自跨行业站址应用与信息(TSSAI)的收入则表现强劲,按年增长55%,能源业务亦倍增至3.77亿元人民币,认为TSSAI及能源业务到2023年底将贡献整体收入逾10%。

该行指出首季公司EBITDA仅按年增7%稍逊预期,主要反映了业务增长下的投资,加上由於经营开支按年增长8.5%,拖累EBITDA增长慢过整体收入增长。该行将公司长远EBITDA预测下调,认为新业务仍需投资支撑。

该行对其收入预测大致不变,但就微升中期经营开支预测,并提升了折旧及摊销的估算,目标价由1.6元降至1.5元,维持「买入」评级。

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