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《大行報告》瑞銀下調中國鐵塔(00788.HK)目標價至0.8元 上季業績符預期
阿思達克 10-24 12:06
瑞銀發表報告指,中國鐵塔(00788.HK)第三季度業績符合預期,因應高息環境,以及在宏觀經濟不明朗下,雙翼業務長期收入預測下調,將目標價由0.98元下調至0.8元,維持評級「中性」。 中國鐵塔第三季度收入、EBITDA及純利,分別按年增長2.1%、3.7%及15.2%,符合該行預測。雖然業務穩定增長,但瑞銀相信股價會繼續受壓,主要因為缺乏短期催化劑,股息率合理。 該行認為,全年業績的關注重點是現金情況,因為是管理層考慮派息的重要因素,公司上半年自由現金流面對壓力,上半年為12.7億元人民幣,對比去年同期為222億元人民幣,因為在今年生效的新價格協議下,來自電信商的應收賬期較長,但相信下半年情況逐步改善。
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