CICC: CHINA TOWER 1Q Revenue and Profit In Line
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CICC reported that CHINA TOWERachieved 1Q revenue of RMB25.146 billion, a 1.5% YoY increase, and a net profit of RMB3.985 billion, up 31.8% YoY, aligning with expectations. The net profit margin improved to 15.8%, attributed to the expiration of asset depreciation in 2026. EBITDA was RMB15.4 billion, with a margin of 61.1%. The broker finds the current dividend yield of 6.3% attractive and maintains its earnings forecasts for 2026 and 2027, reiterating an Outperform rating with a target price of HKD14.
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