一表综合券商对中国铁塔(00788.HK)业绩後最新目标价及观点(表)
中国铁塔(00788.HK)今早股价靠稳，公司昨日(7日)中午收市後公布中期业绩，纯利按年升110.6%至25.48亿元人民币(下同)，低於本网综合8间券商预测的中位数26.24亿元。EBITDA按年增33%至278.15亿元，接近本网综合7间券商预测上限278.19亿元。营业额按年升7.5%至379.8亿元，低於本网综合8间券商预测下限380亿元。
【全年资本开支料维持指引以内】
中国铁塔(00788.HK)半年资本开支为89.06亿元，预期全年资本开支应维持在300亿元指引以内，取用资本开支的原则是要以满足三间营运商的需求为前题。公司指，全国多个政府已明确由中国铁塔统筹5G站址规划，截至6月底接到6.5万个5G基站建设需求，估计全年5G基站建设需求可达10万，随着项目陆续交付，预期5G收入亦会逐步增长。
摩根士丹利指，中国铁塔第二季收入及EBITDA均低过预期，半年公司盈利较该行预期低4.3%，推算第二季盈利12.6亿元，低於该行预测的13.8亿元。该行认为，营运商在5G资本开支周期前收紧成本控制，因此第二季表现疲弱属市场预期之内。5G网络部署的潜在加速会是中国铁塔的催化剂，重申对中国业塔「增持」投资评级，目标价2.5港元。
【券商对5G催化作用看法分歧】
花旗指出，内地电讯公司正致力5G控制成本，且能基於中国铁塔去年资本开支节省减低租用价格，限制中国铁塔毛利扩张及盈利增速。该行认为，联通(00762.HK)及中移动(00941.HK)共享网络或减少5G对中国铁塔的得益。该行维持对中国铁塔「中性」评级，目标价由2.05港元降至2港元。
本网最新综合10间券商对其投资评级及目标价：
券商│投资评级│目标价(港元)
野村│买入│2.56元
瑞信│跑赢大市│2.55元
摩根士丹利│增持│2.5元
Jefferies│买入│2.46元
汇丰环球研究│买入│2.41元-2.36元
高盛│中性│2.22元
花旗│中性│2.05元-2.00元
摩根大通│中性│1.95元
瑞银│中性│1.92元
大和│沽售│1.36元券商│观点
野村│次季业绩稍弱，预计下半年表现更好
瑞信│收入略逊预期，EBITDA略胜预期
摩根士丹利│次季业绩如预期疲软，5G将为业务催化剂
Jefferies│扣除会计变动因素後中期业务符预期，看好下半年前景
汇丰环球研究│收入逊预期，新业务领域增长良好
高盛│次季业绩符预期，债务水平及融资成本下降
花旗│中期业绩逊预期，收入疲弱为毛利率添压
摩根大通│次季业绩逊预期，业务趋势较首季大为减弱
瑞银│中期业绩略逊预期，受累收入增长减慢
大和│中期业绩令市场对5G发展主题看法带来挑战
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