New Street Research - China Tower Corp Ltd (788) New Street: China Tower: Covid Resilience, pt to HK $ 2.5, Buy

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New Street Research

Chris Hoare

New Street: China Tower: Covid Resilience, pt to HK $ 2.5, Buy

Following Q1 results and our recent virtual tour of China we adjust China Tower figures. We further downgrade revenue forecasts, but on better margins overall cash flow forecasts are stable despite Covid-19, and generally above consensus, which hasnâ€™t materially moved despite the virus.

22/04/2020 5 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.

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
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Pan European Telecom Services and Cable

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Analysts

Chris Hoare

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New Street: China Tower: Covid Resilience, pt to HK $ 2.5, Buy

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

Microsoft vs. OpenAI: Implications for investors?

SATS, Carr, and the Art of the No Deal…Yet

Supreme Court Upholds USF Framework but Reform Still Ahead

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