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《大行報告》瑞銀:中國鐵塔(00788.HK)訂新五年協議 料2022年至2025年純利年均複合增長率19%
阿思達克 12-14 14:44
瑞銀發表研報指,中國鐵塔(00788.HK)與內地三大電訊營運商簽訂新五年協議,預計新定價協議正式公告將在未來一至兩個月內發布。 該行指出,今次與電訊公司重新談判定價的重點之一,是2015年從電訊公司收購的鐵塔資產已經歷折舊,預料當年以1,300億元人民幣所收購的資產,每年折舊成本達約130億元人民幣。假設電訊公司在新定價協議中為完全折舊資產支付零租金,預測中國鐵塔淨利潤將受影響而減少13億元人民幣,但相信可被公司的淨利潤內生增長所抵銷。 瑞銀估計,中國鐵塔今年淨利潤將實現15億元人民幣內生增長,預期明年起淨利潤可恢復增長,假設明年盈利表現持平,估算2022至2025年純利年均複合增長率達到19%。 瑞銀指,現時預測2023年淨利潤將達到89億元人民幣,低於市場預期,在新定價協議下更看好電訊商發展,同時相信中國鐵塔潛在下行空間有限,給予「中性」評級,目標價1.05元。
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