New Street: China Tower (Buy, TP: HK$1.7, +82%) Our thoughts on the 2022 Service Framework
China Tower shares spiked 13% today on the revised 2022 Service Framework Agreement, where the key changes include the 2.4% rise in co-tenancy discounts on the base price. In our view, the dilutive impact on the 2023E ARP/Tenant is less than what the market had anticipated – 1.6% vs market’s expectation of a 3% decline.
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:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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