You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》中信証券:中國鐵塔(00788.HK)屬資源稟賦優異的央企 折舊與利潤拐點將至
中國鐵塔(00788.HK)今日股價受捧,半日彈高近9.8%收0.9元,成交額7.22億元。中信証券發表報告表示,從商業模式看,中國鐵塔具有護城河高、現金流好、可持續性強的特點。公司資源稟賦優異,超過200萬站的鐵塔網絡構建絕對主導地位。公司現金流優異且逐年提升,大規模投資期已過,存量資產的折舊攤銷拐點將在2025至2026年到來, 屆時公司淨利潤將向自由現金流看齊,利潤有望迎來爆發。 該行指,在國資委加大對經營質量、股本回報率、市值等考核的導向下,中國鐵塔的經營業績和分紅有望迎來持續釋放。 結合市盈率、市賬率,綜合考慮股息率,該行給予中國鐵塔目標價1.3元,維持「買入」 評級。 中信証券認為,中國鐵塔現金流優異且逐年提升,現金流佔收比超70%,2022年經營淨現金流651億人民幣、自由現金流389億元人民幣,而淨利潤僅為88億元人民幣。公司為重資產公司,但大規模投資期已過,資本開支預計進入300億元人民幣左右的穩態,在收入穩定增長的推動下,經營現金流和自由現金流還有望持續改善。 而折舊方面,中國鐵塔2015年注入的近2,000億人民幣鐵塔資產大部分將於2025年底折舊到期,因此利潤拐點將至,有望2025至2027年迎來爆發。結合該行對公司淨利潤和分紅比例的預測,公司隱含2024至2027的股息率分別為 6.7%、9.3%、15%及18%,股息回報率突出。該行預計公司最晚於2025年底將2015年注入的2,000億人民幣資產折舊完成,公司當前500億元人民幣左右的折舊攤銷有望降低至300億人民幣(長期來看,預期折舊攤銷與資本開支匹配),公司利潤將於2025年底開始加快釋放,2026年至2027年有望迎來大規模釋放。 中信証券料中國鐵塔2023年至2025年純利預測各為100.24億、116.59億及153.75億人民幣。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account