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《大行報告》瑞銀微降中國鐵塔(00788.HK)目標價至1.01元 前景穩定
阿思達克 03-19 10:21
瑞銀發表報告指,中國鐵塔(00788.HK)去年第四季盈利大致符合預期,資本開支高於預期,公司管理層今年業務指引對比去年整體穩定,包括中單位數收入增長、資本開支穩定及派息政策,自由現金流仍為投資者焦點,管理層有信心將在今年回復正常水平。 管理層指引資本開支將於今年穩定,受兩翼業務持續投資及舊通訊塔強化或更換,中期資本開支視乎客戶需求及科技改善。對於2015年收購的鐵塔資產將於明年10月完全減值,管理層指有關情況對盈利的幫助要視乎鐵塔強化及更換的投資,此將延續舊鐵塔使用壽命及導致更多折舊。 該行下調對中國鐵塔今年至2026年盈利預測4%至9%,基於更高的塔鐵強化資本開支導致的更大折舊。基於現金收入恢復,資本開支假設亦上調。 瑞銀下調對中國鐵塔目標價由1.03元降至1.01元,評級「中性」。
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