《大行报告》瑞银下调中国铁塔(00788.HK)目标价至0.98元 次季业绩符预期评级「中性」
瑞银发表研究报告指出,中国铁塔(00788.HK)第二季收入、EBITDA及净利润按年分别增长1.8%、跌2.3%及升14.2%,符合该行及市场预期。塔类、室分业务(DAS)、智联业务及能源业务收入贡献公司上半年收入分别26.3%、23.6%、28.3%及19.3%,按年各跌2.9%、升24.4%、升31%及升38.5%。剔除新定价协议影响后,塔类业务收入及公司总收入分别增长2%及6.2%,与去年相比表现稳定。
此外,该行指中国铁塔上半年的自由现金流为负12.7亿元人民币,相对于去年同期为正222亿元人民币,主要由于应收账款和资本支出增加。上半年应收账款按年增长50%至637亿元人民币,主要受与电讯营运商实施新的定价协议影响。公司管理层强调,2017年上一份定价协议实施初期也发生过相似情况,预期公司现金流将于下半年回复正常水平,相信不会影响全年股息支付。
该行维持对中国铁塔2023至2025年收入基本不变,但由于两翼业务营运开支较高,将公司今年纯利预测下调5%,另将公司2024至2025年纯利预测上调2%及16%,反映折旧开支减少。目标价由1.07元下调至0.98元,维持「中性」评级。
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