《大行報告》瑞信下調中國鐵塔(00788.HK)目標價至1.3元 評級「跑贏大市」
瑞信發表研究報告指出,中國鐵塔(00788.HK)去年第四季收入按年增長5%,EBITDA升1%,純利升11%,較該行預期分別低出1%、低出4%及高出5%。公司去年資本開支252億元人民幣,較原先預指引低出16%。
該行重新評估對鐵塔小基站過於樂觀的業務預測,監於缺乏可見性,將2022至2024財年的小基站收入預測下調5%至35%。
此外,瑞信將鐵塔2023至2024財年的每股盈利預測分別下調12%及9%,目標價由1.5元降至1.3元,惟認爲鐵塔估值仍具吸引力,維持「跑贏大市」評級。
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