China Tower (Buy, TP: HK$ 1.40, +30%) Q3 24 Quick Take: Faster EBITDA and net profit trend supportive of higher year-end dividends
EBITDA and net profit trends improved in Q3 despite a slowdown in Tower revenue. Nevertheless, higher growth DAS and Smart Tower business continue to perform decently, with the latter accelerating.CHINA TOWER CORPORATION LIMITED is a China-based telecommunications tower infrastructure service provider. The Company mainly has three business segments. The Tower Business segment mainly uses sites to carry out macro cell and small cell businesses with telecommunications service providers (TSPs). The Indoor Distributed Antenna System (DAS) Business segment mainly provides indoor distributed antenna systems to TSPs and to attach their telecommunications equipment. The Trans-sector Site Application and Information Business (TSSAI business) segment mainly uses the sites dispersed nationwide and provide site resource services, including infrastructure, maintenance services and power services, to host different types of devices for customers from different industries and support them to build up different types of nationwide or regional networks.
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