《大行》中銀國際降中國鐵塔(00788.HK)目標價至12.73元 重申「買入」評級
中銀國際研究報告指,中國鐵塔(00788.HK)上半年盈利按年增長8%至57.6億元人民幣,大致符合市場預期,相當於該行全年盈利預測的46%。期內「兩翼」業務收入佔集團收入14%,主要受跨行業站址應用與能源業務持續雙位數增長所帶動。
另外,次季EBITDA利潤率改善0.4個百分點至69%,反映管理層有效管控營運開支,以及公司兩翼業務的規模經濟效益提升。管理層預期全年盈利將維持高單位數增長,股息率不低於76%。該行重申中國鐵塔「買入」評級,惟因上調折舊費用預期,將2025至2027年的盈利預測下調3%至10.8%,目標價下調至12.73港元。
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