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大行评级 | 大摩:予中国铁塔大市同步评级 目标价1港元

Big Bank Ratings | Daimo: Target price of HK$1 for the simultaneous rating of China Tower Market

Gelonghui Finance ·  May 31, 2023 12:24
Glonghui, May 31 丨According to the Daimo Development Research Report, China Tower (0788.HK) management expects revenue growth to accelerate again to 6%-7%; profit margins are still under pressure, but potential depreciation may decrease in 2026, and management will continue to work to improve shareholder returns. The bank gave a “Market Synchronization” rating, with a target price of HK$1. According to the report, due to pricing renegotiations, management set a 2%-3% increase in total revenue guidelines for this year. Among them, tower revenue fell by about 3%, but the indoor distribution system (DAS) and “double wing” business remained strong. At the same time, management expects that within the next 2-3 years, the group's core business revenue growth will return to 3% - 4%, while the growth rate of the DAS business will remain above 20% per year, while the “double wing” business revenue should remain strong. The report also indicated that capital expenditure guidelines remain at 32 billion yuan; capital expenditure for new plant construction has stabilized at around 15 billion yuan year over year. There are likely to be increases, mostly from wing and site changes and improvements. The stock is currently reported at HK$0.85, with a total market value of HK$149.6 billion.

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