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<Research>UBS Downgrades CHINA TOWER (00788.HK) to Neutral, Drops TP to HKD11.6
UBS published a research report on CHINA TOWER (00788.HK), which delivered mixed results for 4Q25. Revenue and net profit met expectations, but EBITDA fell short, owing to heighten...
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<Research>UBS Downgrades CHINA TOWER (00788.HK) to Neutral, Drops TP to HKD11.6
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UBS published a research report on CHINA TOWER (00788.HK)  +0.030 (+0.280%)    Short selling $16.41M; Ratio 86.116%   , which delivered mixed results for 4Q25. Revenue and net profit met expectations, but EBITDA fell short, owing to heightened maintenance expenses for upgrading old towers.

The group proposed a dividend payout of 77% of distributable net profit in 2025 (equivalent to 90% of reported net profit), similar to 76% in 2024, in line with UBS expectations. CHINA TOWER expected to achieve full distribution of reported net profit by 2028.

UBS forecast net profit growth of 31%, 5%, and 0% YoY from 2026 to 2028, with DPS growing by 31%, 7%, and 9%. Based on UBS calculations, dividends account for about 55-70% of FCF, sufficient to cover dividend distribution.

The target price was lowered from HKD13.5 to HKD11.6, corresponding to a forecast dividend yield of 6% in 2026, aligning with mainland telecoms. The rating was lowered from Buy to Neutral.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.)

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