New Street Research - China Tower Corp. Ltd. Class H (00788) ... EM Towers Q2 CY24 review: Improving trends in China and Africa, Indonesia stable while Indus slowed

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New Street Research

Chris Hoare

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EM Towers Q2 CY24 review: Improving trends in China and Africa, Indonesia stable while Indus slowed

Revenue and EBITDA trends improved again for China Tower, which alongside stable depreciation supported bottom-line momentum. In Indonesia, MTEL and TOWR continued to perform where the latter benefited from faster growth in its Fibre business thus should act as a buffer should the XL and Smartfren deal were to proceed.

09/10/2024 1 EN

Underlyings

China Tower Corp. Ltd. Class H

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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CNE100003688 Hong Kong Stock Exchange China

Helios Towers

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GB00BJVQC708 London Stock Exchange United Kingdom

IHS Plc

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Provider

New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

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Pan European Telecom Services and Cable

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Analysts

Chris Hoare

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EM Towers Q2 CY24 review: Improving trends in China and Africa, Indonesia stable while Indus slowed

IHS Towers (Buy, TP: $6, +140%) Q3 24: Solid quarter, lower capex guide; still waiting for the strategic review – Call feedback included

Helios Towers (Buy, TP: GBp140, +33%) Q3 24: Mixed quarter; encouraging FY25 targets; call feedback included

China Tower (Buy, TP: HK$ 1.40, +30%) Q3 24 Quick Take: Faster EBITDA and net profit trend supportive of higher year-end dividends

Alphabet (GOOGL, Buy, $213 target) Forget Chrome, 3P payments are the heart of the issue

SATS: DBS merger breaks

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

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