大行評級|招銀國際:上調中國鐵塔目標價至13.7港元 維持“持有”評級
招銀國際發表研究報告指,中國鐵塔去年收入按年增長4%,符合該行及市場預期;淨利潤升10%,較該行預測高出1.8%,但低於市場預期2.2%。該行料集團收入上行空間有限,維持予“持有”評級,但上調估值基礎,由原先預測今年企業價值對EBITDA約3.1倍升至4倍,反映公司正致力提升股東回報(去年派息率續升至76%),目標價相應由9.5港元上調至13.7港元。
招銀國際指出,集團的塔類業務上季按季持平,相信電信營運商會持續改善成本,集團傳統業務或會繼續受壓。展望未來,該行料集團今明兩年的兩翼業務收入分別按年增長17.5%及16.2%。
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