《大行報告》富瑞:中國鐵塔(00788.HK)上季業績遜 下調目標價至0.8元
富瑞發表研究報告指出,中國鐵塔(00788.HK)第三季業績依然疲弱,公司收入、EBITDA及經調整純利均較預期低約4%、11%及9%。當中,塔類業務收入按年僅增長0.8%遜預期,並為2020年首季以來最低,可能是由於電訊商傾向部署5G。至於EBITDA毛利按年跌6.7個百分點,主要由於舊塔的維修成本上升。
該行對鐵塔收入及EBITDA預測作出下調,目標價由1.06元降至0.8元,評級「持有」。行業中,該行首選中電信(00728.HK),並較為偏好中興通訊(00763.HK)及亞信科技(01675.HK)。
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