智通财经APP获悉,招银国际发布研报称,维持中国铁塔(00788)“持有”评级,但上调估值基础,由原先预测今年企业价值对EBITDA约3.1倍升至4倍,反映公司正致力提升股东回报(去年派息率续升至76%),目标价相应由9.5港元上调至13.7港元。
招银国际指出,中国铁塔去年收入同比增长4%,符合该行及市场预期;净利润升10%,较该行预测高出1.8%,但低于市场预期2.2%,料集团收入上行空间有限。该行表示,集团的塔类业务上季按季持平,相信电信运营商会持续改善成本,集团传统业务或会继续受压。展望未来,该行料集团今明两年的两翼业务收入分别同比增长17.5%及16.2%。
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