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《大行報告》花旗下調中國鐵塔(00788.HK)目標價至1.17元 評級「中性」
花旗發表研究報告指,與中國鐵塔(00788.HK)管理層會面後,維持對其的「中性」投資評級,預期由於內地電信商維持成本控制措施,料中國鐵塔來自5G發展的收入未見明顯增長,但對其跨行業站址應用與信息業務(TSSAI)及能源營運相關業務的收入增長看法正面。

該行表示,就內地電信行業而言,更看好內地移動電信營運商,預期隨着疫苗接種率提升,客戶流動性及消費將提升。花旗指出,中國鐵塔管理層預測2021年收入增長將高於2020年的6.1%,主要來自塔類業務收入增長穩定及非電信業務收入前景強勁所致。該行預期中國鐵塔今年收入將增長6.7%,EBITDA利潤率大致平穩。

惟花旗指,由於料中國鐵塔收入低於預期及折舊與攤銷開支增加,將2021至2023財年盈利預測每年下調5%至7%,目標價降由1.2元至1.17元。

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