China Tower (Buy, TP: HKD 1.7, +136%) Q3 23 Quick Take: Better overall; robust bottom line again
China Tower reported another robust set of figures with good bottom-line growth, supported by an improvement in topline and EBITDA. YTD net profit has grown 14.8% YoY, against consensus’ 8.9% growth for the full year. Despite the recent margin pressure associated with its higher-growth Two Wings business, net profit growth has remained strong on lower depreciation and finance costs.
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