New Street: China Tower (Buy, TP: HK$1.7, +107%) Q3 22 Quick Take: Strong net profit growth despite EBITDA pressure
China Tower reported its Q3 22 results yesterday. Overall revenue slowed slightly and EBITDA down but net profit performed strongly, probably as depreciation fell. Its Two Wings growth has been better than expected with their contribution at 9.9% this quarter (Q2: 9.6%), further validating our thesis that it will contribute materially.
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New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
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We provide debt research on:
- Pan European Telecom Services and Cable
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