《大行報告》瑞信下調中國鐵塔(00788.HK)目標價至1.5元 評級「跑贏大市」
瑞信發表研究報告指,中國鐵塔(00788.HK)將持續受惠於中國的5G建設,相信鐵塔業務收入將實現穩定增長,兩翼業務增長速度則預期至2024年加快至雙位數,並自2023年起貢獻超過10%。
瑞信又指,雖然2023年定價協議續簽仍然懸而未決,考慮到主要客戶均為公司主要股東,相信影響有限。
該行預測中國鐵塔2021至2023年收入將增長7%、7%及4%,預測較市場普遍預期低0.1%、0.3%及0.6%,維持「跑贏大市」評級,目標價由2.05元下調至1.5元,對應2022年預測市盈率約22.4倍及市賬率約1.1倍。
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