《大行報告》美銀證券料中國鐵塔(00788.HK)首九個月利潤按年升16.3%至53億人幣
美銀證券發表研究報告指,中國鐵塔(00788.HK)即將公佈首三季業績,預測收入將按年增長7.4%至647億元人民幣,利潤則預期按年升16.3%至53億元人民幣。該行預計市場將主要關注鐵塔業務收入增長、EBITDA利潤率的可持續性,以及未來國內運營商的5G部署步伐。
美銀認爲,電訊商於第二季推出5G的速度有所加快,令公司的鐵塔業務收入增幅由去年同期的1.6%提升至3.5%,預期下半年5G部署速度將較上半年快,進一步推動業務發展。
該行相信,隨着中國鐵塔經營經驗增加,EBITDA利潤率維持在相對穩定的水平,全年公司資本支出預算爲300億元人民幣,上半年僅花費104億元人民幣,預期下半年投資亦會加快。
美銀維持對中國鐵塔的「買入」評級,認爲公司在較長時期內會繼續享有市場支配地位,加上租戶週轉率低,收入來源穩定;租賃比率有上升空間,自由現金流有望改善,或推動派息率上升,予目標價1.8元。
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