《大行報告》摩通下調中國鐵塔(00788.HK)目標價至1.2元 評級「中性」
摩根大通發表研究報告指,中國鐵塔(00788.HK)次季業績大致符合預期,未有太大驚喜,當中塔類業務增長較首季有所放緩,主要由於上半年5G基站佈局減慢,以及電訊商成本管控所致。
上半年5G對營運商業務的收入貢獻比例增長至64%,該行預期,雖然下半年電訊商新建基站目標可能超過40萬個,但相信未能帶動塔類業務收入,主要由於目前基站規模基數較小,加上新建基站料大部分屬700MHz及2.1GHz,建於現有站址對新增收入作用不大。
該行指,兩翼業務(跨行業及能源業務)貢獻持續提升,其中能源業務已實現盈利,認為發展步伐向好。
摩通指出,考慮到上半年表現,認為市場對鐵塔今年盈利預測似乎期望過高,更看好電訊營運商,盈利增長及股息回報均較高,下調鐵塔今明兩年盈利預測各5%,目標價由1.35元降至1.2元,維持「中性」評級。
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