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瑞银:上调中国铁塔(0788.HK)目标价至2.35港元 评级“买入”
格隆汇 03-04 13:01

瑞银发表报告称,中国铁塔(0788.HK)将于3月18日公布2019年度业绩,预期在2018年同期基数低及5G带动下,去年第四季收入及EBITDA分别同比增长8%及11%,EBITDA利润率也有望改善,预计有助增加投资者信心。

该行表示,5G的安装费用已在去年首三季内反映,因此略微降低运营支出预测,相信投资者会较关心中国铁塔未来如果制定5G租金水平、基站租金收入等情况,以及今年资本开支会否因应上升等。

基于约7.5%加权平均资本成本,该行根据现金贴现法将目标价由2.2港元上调至2.35港元,表示虽然其近期股价已上升不少,但目前估值为2020年企业价值倍数(EV/EBITDA)的约8倍,较亚太区同业的10倍低,仍属吸引水平,因此维持“买入”评级。

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