Morgan Stanley: Maintains "Overweight" rating on CHINA TOWER (00788), target price HK$11.5
China Tower's third-quarter revenue was constrained by telecom operators' ongoing cost control, while net profit benefited from depreciation savings.
Morgan Stanley released a research report stating that CHINA TOWER's (00788) third-quarter revenue was constrained by telecom operators' continued cost control, while net profit benefited from depreciation savings. The bank maintains its "Overweight" rating with a target price of HK$11.5. The bank stated that the results have limited impact on its investment thesis, representing a slight miss versus market expectations, and it expects slight downward revisions to market EPS forecasts over the next 12 months.
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