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《大行報告》大摩下調中國鐵塔(00788.HK)目標價至1.3元 評級「增持」
阿思達克 08-10 10:06
摩根士丹利發表研報指,中國鐵塔(00788.HK)上半年通訊運營商(TSP)業務收入增長有所加快,主要來自5G增長所帶動,兩翼業務則持續錄得顯著增長,EBITDA利潤率保持穩定。 惟該行認為,中國鐵塔與電信商的定價談判尚未開始,因此相關負面因素料至明年底前仍存在。兩翼業務方面,管理層透露能源業務已實現盈利,又預期盈利水平會隨著規模增長。 大摩指出,公司預期在5G及兩翼業務帶動下,全年收入可錄得按年增長,考慮到現時估值便宜及派息比率持續上調,給予「增持」評級,但由於折舊率較高,將2021至2023年淨利潤預測下調約10%至13%,目標價相應由1.5元下調至1.3元。
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