China Tower (Buy, TP: HK$1.7, +70%) Q1 23: Decent start to the year, good EBITDA and net income despite the MSR renegotiation
China Tower has reported a decent set of Q1 results. Core trends slowed, impacted by the new commercial pricing agreements and service agreements, but the fact that total revenue continued to post positive growth is encouraging in our view. Even more encouraging is the improvement in EBITDA trends and net profit up 15% YoY this quarter despite the MSR renegotiation
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- Pan European Telecom Services and Cable
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- Pan European Telecom Services and Cable
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