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《大行報告》匯豐研究下調中國鐵塔(00788.HK)目標價至0.82元 上季塔類租戶增長放緩
阿思達克 10-20 09:50
匯豐研究發表研究報告指出,中國鐵塔(00788.HK)第三季收入按年增長2.1%,EBITDA與經營溢利增長3.7%。公司盈利持續下跌,主要受《商務定價協議》影響,如剔除有關影響,首三季錄得盈利按年增長3.6%。季內塔類租戶增長放緩至5,000戶,相對於第二季為2.3萬戶及首季為4萬戶,意味著電訊公司在完成最初的5G部署後,已轉移關注重心。 該行認為,鐵塔的智聯業務及能源業務雖然增長穩健,但未足以抵銷塔類業務的放緩情況。該行將鐵塔的2024及2025年預測作出調整,以反映第三季業績的疲弱趨勢。該行料公司塔類業務收入將有所放緩,導致集團整體盈利能力下降。對公司目標價由0.97元下調至0.82元,維持「買入」評級,認為公司新業務增長加速是潛在催化劑。
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