《大行報告》麥格理升中國鐵塔(00788.HK)目標價40%至0.94元 評級升至「中性」
麥格理發表報告指,中國鐵塔(00788.HK)去年下半年收入符市場預期,但毛利顯著減弱,EBITDA利潤率及EBIT利潤率按半年均有所下降,EBITDA則較市場預期低5%,經營利潤更較預期低出約23%。
該行指,去年鐵塔公司的塔類業務收入按年增長1.8%,增速放緩,而且增長主要來自租賃比率的增加,每租戶收入則正在下降,相信是由於去年底公司與營運商重新簽訂定價協議。智聯及能源業務去年收入增長41%,表現強勁,但僅為總收入貢獻約16%。
麥格理將今年度純利預測下調3%,2024年則上調3%,雖然對開支及利潤率前景看法較負面,但估值向下重評後現價水平合理,加上公司持續去槓桿化,可將價值釋放予股東,因此將評級由「跑輸大市」升至「中性」,目標價由0.69元上調40%至0.94元。
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