汇丰研究:下调中国铁塔(0788.HK)评级至“减持” 目标价1.3港元
汇丰环球研究发表报告,指联通(0762.HK)
和中电信(0728.HK)
达成框架协议,合作建设和分享5G网络,令两公司享协同效应,但同时在零和效应下,上游的供应商,包括中国铁塔(0788.HK)
则未来可见的业务将会减少。
该行指,此前认为铁塔公司的铁塔业务见利润增长,主因租赁收入增加、租户增加,预期中国铁塔至2021年毛利率可达21%,反映了租户的利润增加27-37%,及租用比率增2倍,但在新协议下,相信数字会有所减少。
汇丰环球研究指,在重新调整有关数字后,下调对中国铁塔目标价由1.97港元降至1.3港元,此按现金流折现率作估值,主因盈利下降和现金流减少,评级由“
持有
”降至“
减持
”。
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