China Tower (Buy, TP: HK$1.4, +49%) Q4 23 Quick Take: Slower but decent quarter; dividend up 15.7% YoY
China Tower reported a slower but decent set of Q4 numbers. TSP and DAS trends slowed vs. Q3 but the Two Wings business continued to post strong growth.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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