智通财经APP获悉，瑞银发布研报称，中国铁塔(00788)第三季收入、EBITDA及纯利同比增长2.1%、0.4%及4.5%，分别较市场预测低出约1%至3%，主要是由铁塔收入减少、维护成本上升及信用减值所致。该行表示，在中国铁塔公布最新业绩后，考虑铁塔收入预测被下调和营运开支预测获上调，将其2025至28年的纯利预测下调4%至19%，目标价由15港元降至13.5港元，维持“买入”评级。
不过，由于技术改进和维护改善，中国铁塔已将DAS资产的折旧年期由7年延长至10年。根据该行估算，此项会计变动将使公司今年的折旧费用减少约8.7亿人民币，相信这将有助于支持其纯利，从而在宏观逆风中保持稳定的股息增长。
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