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《大行报告》野村下调中国铁塔(00788.HK)目标价至1.52元 评级「买入」
阿思达克 03-09 09:59
野村发表的研究报告指,中国铁塔(00788.HK)去年收入升6.1%,意味第四季按年增长7.7%,符该行及市场预期,期内盈利按年升23%至64.3亿元人民币,分别较市场及该行预测高1.2%及3.9%,派息比率由2019年的60%升至68%。该行认为公司塔类业务表现稍为改善,主要受惠5G网络需求提升,而非塔类业务收入贡献则有增加。该行将其2021至2022年盈利预测降2%至5%,以反映折旧开支较高、资本开支高过预期等,评级维持「买入」,主要认为其估值低於历史平均,目标价由1.63元降至1.52元。

该行指出5G基建需求提升未直接带动公司核心业务收入增长,部分因为营运商选择在现有铁塔采纳基站设施,而现有5G推出有97%的新租户选择在现有铁塔中推出而非在新建铁塔中,限制了公司租赁收费,认为情况短期未变,而长远而言公司估计营运商获更多频谱并升级5G网络,将带动新铁塔的需求提升,该行估计2021至2022年公司铁塔收入年复合增长为3.6%,稍高於去年的2.8%增长。

该行认为公司塔类业务与三大营运商有较大关连,而中国铁塔现时正利用其全国铁塔资产推动「两翼」业务,该行估计TSSAI及能源业务2021至2023年收入年复合增长将分别为18%及69%,估计到2023年「两翼」将贡献收入的一成,现时公司聚焦於客户及收入扩张,长远而言受惠规模效应及增值服务,料相关利润率将有改善。

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