《大行報告》瑞銀下調中國鐵塔(00788.HK)目標價至0.92元 評級「中性」
瑞銀髮表研究報告指,中國鐵塔(00788.HK)去年第四季收入按年增長5%,低於該行預期的2%,主要受塔類業務收入下降,以及工信部扶貧項目要求部分不發達地區的鐵塔租賃費降價50%所致。
由於利潤率較低的兩翼業務於期內貢獻較高,末季EBITDA利潤率按年下降至71.5%。鐵塔宣派末期息每股2.624分,派息比率爲70%,低於瑞銀預期的73%。
鐵塔與三大電訊商的五年定價協議將於今年底到期,管理層強調,重新談判時將嚴格遵守上市規則,以市場爲導向,並將對所有股東負責。2021年鐵塔業務收入按年增長3.4%,管理層預計未來將出現低單位數增長。
瑞銀表示,繼續預期電訊商會穩定推進5G發展,在鐵塔業績公佈後,將其2022至2024年淨利潤預測下調5%至10%,並將派息比率提升至80%的預測由2023年達成,延後至2025年,估計今年收入及盈利將基本持平,維持「中性」評級。
對於即將進行的重新定價談判,該行估計由於良性競爭和監管環境,電訊公司面臨的成本壓力較小,價格下降幅度爲2%,目標價由1元下調至0.92元。
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