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China Tower (SEHK:788) Reports Strong Earnings Growth, Presents Compelling Investment Opportunity
China Tower (00788.HK): Both wings of the business are stable, profits support dividend growth.
Event: The company released the operation data for the first three quarters of 2024 on October 18, 2024, achieving revenue of 72.452 billion yuan, a year-on-year increase of 3.3%; achieving a net profit attributable to shareholders of 8.153 billion yuan, a year-on-year increase.
Analysts Have Conflicting Sentiments on These Communication Services Companies: Direct Digital Holdings (DRCT) and China Tower (OtherCHWRF)
Nomura Upgrades China Tower to Buy From Neutral, Adjusts Price Target to HK$1.25 From HK$0.96
Research reports Prospector | CICC: China Tower's performance in the first three quarters meets expectations, maintaining an "outperform industry" rating
On October 21, Guolonghui | CICC published research reports indicating that China Tower's revenue and net income performance in the first three quarters of this year met the bank's expectations. CICC stated that China Tower's tower revenue in the third quarter maintained stable growth, and the indoor distribution business continued to maintain a fast pace. The average tower tenants and profitability also showed further improvement. In addition, China Tower's smart connectivity business continued to grow rapidly, while the energy business saw a decline in quarterly revenue. The bank believes that the two wings of the business are expected to continue contributing to the company's revenue growth momentum. China Tower's EBITDA margin for the first three quarters was 68.6%, unchanged year-on-year, while the EBITDA margin for the third quarter increased by 1 percentage point year-on-year to 68.
Dah Sing: china tower (00788.HK) third quarter profit margin exceeds expectations.
Morgan Stanley's report pointed out that China Tower (00788.HK) third-quarter revenue increased by 2.2% year-on-year to 24 billion RMB, below the bank's expectations. However, the EBITDA profit margin increased by 1 percentage point to 68.9% during the period, and net profit increased by 12.6%, both outperforming expectations. The bank mentioned that tower revenue during the period remained flat at 19 billion RMB year-on-year, in line with their expectations. Morgan Stanley gave the group a target price of 0.9 yuan, with a rating of 'in line with the market'.
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