汇丰研究下调中国铁塔(0788.HK)目标价至2.36港元评级“买入”
汇丰研究发表报告指,中国铁塔(00788.HK)上半年收入增长7.5%,低於预期的8.9%,而资本开支亦只有89亿元人民币,对比全年指引为300亿元人民币,反映经营活动放慢,以旧有会计准则计EBITDA增长5.3%,利润率跌1个百分点,员工成本升23.4%。

该行指,目前全面转换5G的时间仍然是不确定,正等待更多细节。核心业务仍然是主要的收入增长动力,该业务贡献上半年增长66%。因增长较预期慢,下调2019年收入预测0.6%;EBITDA预测降1.3%,以反映员工成本上升。目标价由2.41港元降至2.36港元,评级维持“买入”,认为虽然短期核心业务的可见性有限,但跨行业业务(TSSAI)仍有强劲增长空间。(报价延迟最少十五分钟。
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