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Investing.com - Jefferies has lowered its price target on China Tower Corp Ltd. (HK:788) to HK$13.15 from HK$13.63 while maintaining a Buy rating on the stock.
The research firm noted that China Tower’s first half 2025 revenue, EBITDA, and net profit grew by 2.8%, 3.6%, and 8.0% respectively, which was in line with expectations and showed resilience amid challenging macroeconomic conditions.
China Tower’s EBITDA margin increased by 0.5 percentage points year-over-year to 69% in the first half of 2025, according to Jefferies’ analysis.
The company’s capital expenditure fell approximately 10% year-over-year in the first half of 2025 due to reduced construction costs, which Jefferies believes will likely lead to faster capital expenditure decline, offsetting the working capital drag from still elevated accounts receivable.
Jefferies projects that China Tower’s 2026 net profit is set to grow 72%, driving its yield to rise from 4.4% to 7.7%, while the stock currently trades at 0.5 times 2025 estimated PEG ratio.
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