摩通:中國鐵塔(0788.HK)第三季收入符市場預期 予中性評級
摩根大通發表研究報吿指,中國鐵塔(0788.HK)今年第三季表現穩定,收入符合市場預期,但盈利或令人感到失望,由於5G基站部署加快,鐵塔收入增長略有回升,但由於兩翼業務增長放緩,總收入按年增長保持穩定在7%,市場普遍預期其盈利預測存在下行空間,料股價短期內表現持平,予目標價1.2港元及“中性”評級。
摩通表示,中國鐵塔第三季度EBITDA按年增長微升至7.9%,利潤率擴大0.4個百分點,主要得益於公司在成本控制方面的努力。儘管如此,由於折舊增長加快和財務成本節約減少所影響,盈利增長從上半年的16%放緩至第三季度的13%。根據近期趨勢,估計其今年盈利約72億元人民幣,並認為低於目前約80億元人民幣的普遍預期,又假設明年的股息收益率約為4%。

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