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《大行報告》瑞銀下調中國鐵塔(00788.HK)目標價至0.98元 次季業績符預期評級「中性」
阿思達克 08-04 09:47
瑞銀發表研究報告指出,中國鐵塔(00788.HK)第二季收入、EBITDA及淨利潤按年分別增長1.8%、跌2.3%及升14.2%,符合該行及市場預期。塔類、室分業務(DAS)、智聯業務及能源業務收入貢獻公司上半年收入分別26.3%、23.6%、28.3%及19.3%,按年各跌2.9%、升24.4%、升31%及升38.5%。剔除新定價協議影響後,塔類業務收入及公司總收入分別增長2%及6.2%,與去年相比表現穩定。 此外,該行指中國鐵塔上半年的自由現金流為負12.7億元人民幣,相對於去年同期為正222億元人民幣,主要由於應收賬款和資本支出增加。上半年應收賬款按年增長50%至637億元人民幣,主要受與電訊營運商實施新的定價協議影響。公司管理層強調,2017年上一份定價協議實施初期也發生過相似情況,預期公司現金流將於下半年回復正常水平,相信不會影響全年股息支付。 該行維持對中國鐵塔2023至2025年收入基本不變,但由於兩翼業務營運開支較高,將公司今年純利預測下調5%,另將公司2024至2025年純利預測上調2%及16%,反映折舊開支減少。目標價由1.07元下調至0.98元,維持「中性」評級。
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