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《大行報告》匯豐研究升中國鐵塔(00788.HK)目標價至0.86元 今年穩定但無階梯式變化
阿思達克 03-19 09:53
匯豐發表研究報告,指中國鐵塔(00788.HK)擁有穩定的業績表現,公司於2023年下半年的收入及EBITDA符合該行預期,不過經營溢利則低於預期2%。該行解釋,由於公司財務成本較低和單次性項目,令淨利潤表現比預期高13.8%。考慮其今年展望穩定但無階梯式變化,匯豐將其目標價由0.82元上調至0.86元,維持「持有」評級。 該行亦指,受累於2022年底生效的商業定價協議,公司2023年室外塔收入按年減2.8%,並導致現金流暫時下降,不過相關情況正在逆轉。另外,公司達成了2023年58.6萬個5G基站的目標,不過其中95%是透過共享現有資源以達標。 由於電訊公司廣泛領先的5G覆蓋範圍和品質要求,趨向使用較低的頻譜頻率,導致基礎設施的需求逐漸下跌,該行預計核心塔業務的需求將保持低迷。 另外,匯豐指中國鐵塔有一大部分資產將於2024年至2026年內全額折舊,不過公司目標透過增加對新建塔和維護的投資,以抵銷財務趨勢的任何變化,並滿足網路和基礎設施品質目標。至於公司2023年鐵塔總數有所下降,主要是新定價協議實施後資產整合所導致。同時,公司維修保養成本下降,主要受惠於2022年的一次性成本。中國鐵塔預計未來幾年的資本支出將介乎約300億元人民幣,利潤率亦比該行預期更為穩定。
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