《大行報告》中金降鐵塔(00788.HK)目標價至1.5元 季度純利略遜
中金髮表報告指,中國鐵塔(00788.HK)發表首三季業績,收入按年增長7.3%至645.88億元人民幣(下同),其中第三季收入按年增長7.3%至219.15億元;EBITDA按年增長7.4%至472.89億元,對應EBITDA利潤率73.2%,其中第三季EBITDA按年增長7.9%至161.05億元,對應EBITDA利潤率73.5%;淨利潤按年增長15.2%至52.56億元,其中第三季純利按年增長13.4%至17.99億元,略低於該行預期。
考慮到公司新業務開展或帶來營運費用增加,中金下調鐵塔2021及2022年盈利預測7.2%及7.8%,至分別75.54億及95.42億元。考慮到公司與運營商新一輪商務定價臨近帶來的不確定性,中金下調目標價16.7%至1.5港元,相當於明年預測企業價值對EBITDA約4.4倍,維持「跑贏行業」評級。
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