Nomura lowered its target price for China Tower (00788) to HK$2.33 from HK$2.56 and maintained its "buy" rating.
The research house said China Tower's share price has been hit on a weaker outlook for new tenant growth since the announcement of China Unicom (00762) and China Telecom (00728) teaming up for 5G base station rollout.
Nomura lowered its total 5G BTS (base station) forecasts for 2019-2025 by 8% to 4.56mn and the three China telco' 5G capex forecasts by 15%, or CNY150bn. It cut forecasts for China Tower's new tenants by 30% in 2020-2025 to reflect the impact of the partnership, and its 2020-21 earnings reduced 4.4-10.2%.
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