Goldman Sachs research report indicates that investors' focus on China Tower (00788.HK) is still on the dividend in 2026, as the company's net profit is expected to show significant growth due to the reduction of depreciation expenses. The bank expects the company's total depreciation expenses to decrease by 6.1 billion yuan in 2026.

According to Goldman Sachs, China Tower's net profit will increase by 12% annually in the next two years, and its net profit in 2026 is expected to increase by 49% to 18.2 billion yuan, with a dividend payout ratio of 81% and a dividend yield of 8.1%. The bank maintains a "neutral" rating on China Tower, and raises the target price from 1.06 yuan to 1.2 yuan. The bank expects dividends per share to be 0.047 yuan, 0.055 yuan, and 0.084 yuan from 2024 to 2026.