New Street Research - China Tower Corp Ltd (788) China Tower (Buy) – Q4 22: Faster growth, better dividend payout but some margin pressure

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Chris Hoare ...

David Lopes

EUR 9179.00 For Business Accounts Only

China Tower (Buy) – Q4 22: Faster growth, better dividend payout but some margin pressure

China Tower reported a decent set of Q4 results, with recommended dividends up 23% YoY, implying a 72% pay-out ratio (from 70%).

02/03/2023 1 EN

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China Tower Corp Ltd

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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.

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Analysts

Chris Hoare

David Lopes

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China Tower (Buy) – Q4 22: Faster growth, better dividend payout but some margin pressure

Chinese Telcos & Towers Outlook 2024 – Expect another good year for the telcos

China Tower (Buy, TP: HKD 1.7, +136%) Q3 23 Quick Take: Better overall; robust bottom line again

EM Tower Trends Faster quarter in Africa and Indonesia; IHS’ MTN Nigeria contract non-renewal is a negative for the EM Tower space; Q2 CY23 review

Bible 1Q24 – Foundries: leading-edge strong; Trailing-edge correction playing out.

VEON (Buy, TP: $40, +55%) Thoughts after the call

Reddit (RDDT, Neutral, $54 target) Data licensing tracking our base case after OpenAI deal

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