You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
摩根大通:下調中國鐵塔(0788.HK)盈利預測 降目標價至1.2港元
格隆匯 08-10 12:36

摩根大通發表研究報吿表示,中國鐵塔(0788.HK)第二季業績無驚喜,次季增長趨勢大致與首季相約。報吿預料,鐵塔將於年底正式就信號塔的租賃與營運商洽談,在看到清晰的續約條款以及集團“兩翼”業務貢獻盈利前,該行將維持其中性評級。該行將鐵塔2021及2022年的盈利預測均下調5%,目標價亦從1.35港元下調至1.2港元。

報吿指,鐵塔第二季塔類業務收入增速稍為減慢至3.5%,而首季增速為3.9%,這要歸咎於上半年5G基站部署有所放緩以及營運商成本控制的影響。上半年通訊運營商業務按年增長3.3%,增速與2020年時相約。“兩翼”業務增速則由2020年下半年的5.7%加快至今年上半年的6.4%。

報吿強調,看好中國電信營運商多於中國鐵塔,預料營運商合共帶來中單位數的收入增長以及高單位數的盈利增長,同時給出約5%-8%的回報率,高於鐵塔約3%,營運商的議價能力較高。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account