《大行報告》摩通:維持對中國鐵塔(00788.HK)審慎看法 今年以來升勢主要由北水帶動
摩根大通發表研究報告指,中國鐵塔(00788.HK)股價年初至今已上升17%,對比同期恆指為下跌4%,相信該股升勢主要受國企估值重評主題下的北水流入推動。
不過,該行對鐵塔股價上升後看法保持審慎,主因公司去年第四季業績或會疲弱,預計季度總收入增長將維持在2%以內的疲軟水平。此外,由於壞帳撥備增加以及上年同期的利潤基數高,摩通估計公司的EBITDA及淨利潤增速,或會由去年首三季的按年升1%及15%,降至第四季的僅持平。
摩通維持對中國鐵塔的「中性」評級,目標價0.88元,認為該股近期缺乏催化劑,且未來數年由於5G部署基本完成後電信商資本支出下降,公司的成長前景料會黯淡。
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