The Zhitong Finance App learned that Nomura released a research report saying that maintaining the “neutral” rating of China Tower (00788), the target price was raised from HK$0.86 to HK$0.96. The bank believes that growth is still weak due to the slowdown in 5G investment. Last year, revenue increased 2% year on year, and profit increased 11%, 0.4% and 1% lower than the bank's forecast, respectively. EBITIDA increased 1.1% during the period, which is in line with expectations. Management explained that revenue from tower services fell 2.8% year on year last year, mainly hampered by the new five-year commercial pricing agreements signed with the three major telecom operators at the end of 2022. Comparatively speaking, revenue from this business actually increased 2% year on year. The bank believes that due to the slowdown in 5G investment by telecom companies, it is expected that tower business growth will still face resistance this year, while emerging businesses have yet to fully achieve healthy profitability.