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Research Report

09/03/2021 17:30

CMBIS lifts China Tower (00788) to HK$1.4 ; "hold"

[ET Net News Agency, 9 March 2021] CMB International Securities (CMBIS) lifted its
target price for China Tower (00788) to HK$1.4 from HK$1.31 and maintained its "hold"
The research house said China Tower's FY2020 results are largely in-line with estimates.
For 2021, management guided (1) steady growth on tower biz and rapid non-telco growth,
(2) stable EBITDA margin with more tower sharing, and (3) lower capex of RMB30bn (versus
RMB37bn in FY2020) and D&A expense.
Overall, CMBIS believes China's slower 5G rollout, telco's network sharing, and cost
control will offset Tower's 5G growth. (KL)

Remark: Real time quote last updated: 17/09/2021 17:59
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