大行評級丨高盛:下調中國鐵塔目標價至12.5港元 下調收入及純利預測
高盛發表研報指,中國鐵塔首季業績表現符合此前指引,收入及淨利潤分別按年增長3.3%及8.6%。投資者普遍對派息比率增長速度放緩及電信營運商5G相關資本開支下降感到憂慮,高盛指由於大部分塔類資產將達到可折舊年期,預期折舊費用下降將令中國鐵塔2026年淨利潤實現強勁一次性增長,目前預測2026年總折舊成本將減少60億元,將推動全年淨利潤將按年增長45%。
計及預測派息比率達76.5%,高盛目前估計鐵塔2026年股息回報率將達6.6%,與中國移動和中國聯通水平相若。因應首季業績表現,高盛將中國鐵塔2025至2027年收入預測下調0.8%、1.4%及1.4%,純利預測下調3.7%、4.1%、4.3%,目標價從13港元降至12.5港元,評級“中性”。
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