《大行報告》瑞信上調中國鐵塔(00788.HK)目標價至1.05元 評級「跑贏大市」
瑞信發表研究報告指,中國鐵塔(00788.HK)去年第四季收入及純利按年增長7%及15%,大致符合預期。而期內EBITDA按年跌2%,則較瑞信及市場預期低4%及11%。EBITDA利潤率亦較預期低,按年跌6個百分點至65.5%,主要是由於維護開支提升。
該行指出,EBITDA 利潤率壓力將持續存在,而鐵塔的雙翼業務仍處於發展早期階段,純利增長料受惠於折舊攤銷水平及財務成本結構性下降。
瑞信將其2023至2025年每股盈利預測調整約2%,目標價由1元升至1.05元,將繼續看好電信公司而不是中國鐵塔,維持「跑贏大市」評級。(gc/s)
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