德銀:對鐵塔(0788.HK)強勁現金流感驚喜,予目標價1.8港元
格隆匯3月14日丨德意志銀行發表研報,認為中國鐵塔(0788.HK)目前估值吸引,背後有可觀的自由現金流收益率所支持,對其強勁的現金流表現感驚喜,給予“買入”評級,目標價1.8港元,但偏好三大中資電信商。報吿指,鐵塔去年收入增加6.8%,帶動純利增長14%至73.28億元(人民幣.下同)。但成本幾乎與盈利的增長看齊,但受益於低利率,淨利息支出下降了5%,因此利潤增長更快。資本支出下降近三分之一至250億元,利好自由現金流增長73%至350億元。
報吿又指,隨着通信塔數量增速放緩,升級至“數字鐵塔”將是集團未來增長的關鍵,並認為相關發展正在進行,因為其通信塔應成為邊緣計算迷你數據中心,但該公司目前仍偏重於物聯網方面。40億元的智能塔業務中有一半來自其監控業務。能源業務規模不斷擴大,年內換電池用户翻倍,相關收入增長122%至21億元。

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