You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》瑞銀升中國鐵塔(00788.HK)目標價至1.03元 股價已反映派息上升空間
阿思達克 03-07 16:00
瑞銀發表報告指出,假設中國鐵塔(00788.HK)於2026年的派息率達淨利潤的80%(由2022年的72%起每年增長2個百分點),而淨利潤相對2025年預測的150億元人民幣,增加100億元人民幣,公司於2015年收購的鐵塔資產將於約2025年底完全折舊。該行料公司派息率不會達100%水平,而下一個鐵塔租賃定價協議談判將於2027年開始,因此該行料公司股息率將由去年的4%,增至2026及2027年的13%與15%。 該行預期,鐵塔去年第四季收入、EBITDA及淨利潤分別按年增長2.4%、2.7%及5.3%,淨利潤增長估計較去年首九個月的15%為低,主要由於企業客戶壞帳等成本於年尾確認。由於電訊商實施新定價協議導致應收帳款天數延長,鐵塔的自由現金流量在去年上半年為負值,預計在今年上半年將完全恢復。 因此預計鐵塔去年派息不會大幅增加,但管理階層對中期股息前景的評論仍然值得關注。 此外,該行將鐵塔2024至2027年的資本支出預測下調10%至15%,維持對其盈利預測大致不變,另對公司2026至2027年股息預測上調14%。對公司目標價由0.8元上調至1.03元,維持「中性」評級,認為股價已反映派息上升空間。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.
uSMART
Wealth Growth Made Easy
Open Account