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China Tower

China Tower
HKEX

China Railway Tower Co., Ltd. (referred to as China Railway Tower) is under the background of implementing the "network power" strategy.

OVERVIEW

Categories
Enterprise Service, Hardware, Manufacturing, Communication, Communication Base Station, Communication Equipment, Instrument and Equipment, Professional Equipment
HQ location
Beijing
Founded date
Jul. 1, 2014
IPO date
Aug. 8, 2018
Legal name
China Railway Tower Co., Ltd.
China Railway Tower Co., Ltd. (referred to as China Railway Tower) is under the background of implementing the "network power" strategy, deepening the reform of state-owned enterprises, and promoting the sharing of telecommunications infrastructure resources. China Mobile Communications Co., Ltd. ("China Mobile"), China United Network Communications Co., Ltd. ("China Unicom"), China Telecom Co., Ltd. ("China Telecom") and China Guoxin Holdings Co., Ltd. ("China Guoxin") established a large-scale communication tower infrastructure service enterprise. The company is mainly engaged in the construction, maintenance and operation of base station supporting facilities such as communication towers and high-speed rail public network coverage and large indoor distribution systems.
00788:HKEX
Transaction date
Jun. 2, 2020
52-week high
HKD 2.21
52-week low
HKD 1.46
Volume
774,486,327
Open
HKD 1.59
Close
HKD 1.58
P/E
47.71
Market cap
HKD 278.09 billion

ANALYSIS

5G upstream and downstream procure up to CNY 500 billion! But real opportunities are lurking

China's 5G upstream and downstream procurement will reach CNY 500 billion in 2020. Revenue from network equipment and terminal equipment is expected to total about CNY 450 billion in 2020, and Telecom operators will invest more than CNY 220 billion in 5G network equipment.

Mar. 20, 2020 · China Tower

5G construction drives revenue, China tower will also take off against the wind in 2020

China tower released its 2019 financial results, with revenue of CNY 76.428 billion, up 6.4% year on year. The company made a profit of CNY 5.222 billion, up 97.1% year on year.

Mar. 18, 2020 · China Tower

5G's construction is heat , base station investment increased significantly, China's tower become the biggest winner?

Of course, the most beneficial is the investment in the base station, which accounts for about 60% of the total investment in the network. During the 5G construction period, the number of base stations will increase in scale. Currently, according to the operator's planned capital expenditure estimates, China is expected to build more than 100,000 acer stations in 2019, and the total construction of 5G acer stations is expected to be around 5 million, with about 9 million micro base stations, which will far exceed the construction intensity of base stations in the 4G era.

Aug. 8, 2019 · China Tower

REPORTS

China tower (0788.hk) : 2019 annual performance review, waiting for the improvement of tower business on a month-on-month basis, stable dividend cashing will help raise the valuation

It is expected that the growth of China tower will remain stable, and the opportunity of future valuation improvement will come from the increase of dividend yield. Considering the expansion of dividend proportion in 2019 and the gradual realization of the stable dividend mechanism, the "buy" rating will be maintained. Based on the DCF valuation method, the target price will be maintained at hk $2.2 (corresponding to 7.7/7.0 EV/EBITDA in 20/21 year).

Mar. 20, 2020 · China Tower

China tower (0788.hk) : the performance is in line with expectations, and the level of sharing continues to improve

It is estimated that the company's EBITDA (under comparable caliber) in 2019-2021 is CNY 455.9/514.9/57.35 billion, and the corresponding EV/EBITDA is 8.6/7.6/6.8 times.

Oct. 21, 2019 · China Tower
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Overview
Categories
Enterprise Service, Hardware, Manufacturing, Communication, Communication Base Station, Communication Equipment, Instrument and Equipment, Professional Equipment
HQ location
Beijing
Founded date
Jul. 1, 2014
IPO date
Aug. 8, 2018
Legal name
China Railway Tower Co., Ltd.
China Railway Tower Co., Ltd. (referred to as China Railway Tower) is under the background of implementing the "network power" strategy, deepening the reform of state-owned enterprises, and promoting the sharing of telecommunications infrastructure resources. China Mobile Communications Co., Ltd. ("China Mobile"), China United Network Communications Co., Ltd. ("China Unicom"), China Telecom Co., Ltd. ("China Telecom") and China Guoxin Holdings Co., Ltd. ("China Guoxin") established a large-scale communication tower infrastructure service enterprise. The company is mainly engaged in the construction, maintenance and operation of base station supporting facilities such as communication towers and high-speed rail public network coverage and large indoor distribution systems.
00788:HKEX
Transaction date
Jun. 2, 2020
52-week high
HKD 2.21
52-week low
HKD 1.46
Volume
774,486,327
Open
HKD 1.59
Close
HKD 1.58
P/E
47.71
Market cap
HKD 278.09 billion
Analysis

5G upstream and downstream procure up to CNY 500 billion! But real opportunities are lurking

China's 5G upstream and downstream procurement will reach CNY 500 billion in 2020. Revenue from network equipment and terminal equipment is expected to total about CNY 450 billion in 2020, and Telecom operators will invest more than CNY 220 billion in 5G network equipment.

Mar. 20, 2020 · China Tower

5G construction drives revenue, China tower will also take off against the wind in 2020

China tower released its 2019 financial results, with revenue of CNY 76.428 billion, up 6.4% year on year. The company made a profit of CNY 5.222 billion, up 97.1% year on year.

Mar. 18, 2020 · China Tower

5G's construction is heat , base station investment increased significantly, China's tower become the biggest winner?

Of course, the most beneficial is the investment in the base station, which accounts for about 60% of the total investment in the network. During the 5G construction period, the number of base stations will increase in scale. Currently, according to the operator's planned capital expenditure estimates, China is expected to build more than 100,000 acer stations in 2019, and the total construction of 5G acer stations is expected to be around 5 million, with about 9 million micro base stations, which will far exceed the construction intensity of base stations in the 4G era.

Aug. 8, 2019 · China Tower
Reports

China tower (0788.hk) : 2019 annual performance review, waiting for the improvement of tower business on a month-on-month basis, stable dividend cashing will help raise the valuation

It is expected that the growth of China tower will remain stable, and the opportunity of future valuation improvement will come from the increase of dividend yield. Considering the expansion of dividend proportion in 2019 and the gradual realization of the stable dividend mechanism, the "buy" rating will be maintained. Based on the DCF valuation method, the target price will be maintained at hk $2.2 (corresponding to 7.7/7.0 EV/EBITDA in 20/21 year).

Mar. 20, 2020 · China Tower

China tower (0788.hk) : the performance is in line with expectations, and the level of sharing continues to improve

It is estimated that the company's EBITDA (under comparable caliber) in 2019-2021 is CNY 455.9/514.9/57.35 billion, and the corresponding EV/EBITDA is 8.6/7.6/6.8 times.

Oct. 21, 2019 · China Tower