《大行報告》野村下調中國鐵塔(00788.HK)目標價至1元 評級「中性」
野村發表評級報告指,中國鐵塔(00788.HK)去年收入按年升6.5%,較該行預測的低1.1%,全年除利息、稅項、折舊及攤銷前盈利(EBITDA)利潤率跌3個百分點,主要是維修成本及業務發展開支增加。由於有效控制資本支出,令折舊和攤銷成本下跌,以致去年盈利錄得按年19.9%增長,較該行預期的高出1.5%。
該行指,公司微升去年派息率至64%,並認為當中仍有上行空間;至於今年,該行認為,公司核心鐵塔業務會繼續面對需求逆風,因電信營運商正在控制5G基礎設施支出、最新5年定價協議產生更多折扣或壓低租戶平均售價和今年收入增長。
該行將公司在2023年至24年收入預測下調0.6%至1.2%,並下調盈利預測各0.5%;同時預料在2025年公司收入和盈利預測分別按年增4.6%及17.4%。該行將其目標價由1.05元下調至1元,維持其評級為「中性」。(ca/u)
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