《大行報告》瑞銀下調中國鐵塔(00788.HK)目標價至1.85元 評級「買入」
瑞銀發表研報指,中國鐵塔(00788.HK)上半年業績大致符合預期,收入及EBITDA均按年增長7.2%;淨利潤按年升16%,受折舊率影響增幅較預期低,惟對現金流及估值未有太大影響。
該行指出,雖然上半年資本開支按年減少28%,管理層仍維持全年資本開支預算300億元人民幣不變,並預期隨著業務規模提升,利潤空間將有所提升。另外管理層提及未來致力提升股東回報,或意味有意增加派息,維持「買入」評級。
瑞銀上調對鐵塔未來幾年的EBITDA預測,以反映公司開支控制較理想,至於稅後利潤方面則料有部分被折舊較預期快所抵銷,將目標價由2.05元降至1.85元。
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