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1、October19,2018TMTSectorHardwareChinaTowerCorporationLimited[0788.HK]Toweringstrength.InitiatewithBUYBUYClose:HK$1.16(Oct18,2018)TargetPrice:HK$1.46(+25.5%)SharePricePerformance(HK$)(HK$million)1.5Price(LHS)600050001.0400030000.5200010000.00Aug18Aug18Aug18Sep18
2、Source:Bloomberg,CGIMarketCapSSepRe18Sep18Oct18Oct18searchUS$26,043mSharesOutstanding176,008mAuditorPwCH-FreeFloat80.9%52WrangeHK$1.03-1.303MaveragedailyT/OUS$61.7mMajorShareholdingCCChinaMobile(27.9%),hinaUnicom(20.7%),hinaTelecom(20.5%)ChinaTowerCorporationL
3、imited(ChinaTower)istheworld’slargesttelecommunicationstowerinfrastructureserviceprovider.AccordingtoanF&SReport,asat31Dec2017,ChinaTowerrankedfirstamongglobaltelecommunicationstowerinfrastructureserviceprovidersintermsofthenumberofsites,thenumberoftenants,and
4、revenue;andChinaTower’smarketshareinthetele-communicationstowerinfrastructureindustryinChinawas96.3%intermsofthenumberofsitesand97.3%intermsofrevenueasat31Dec2017.ChinaTowerwillbenefitfromsteadygrowthinthetelecombusinessandfastgrowthinnon-telecom-relatedbusine
5、ss.WeforecastrevenueCAGRof6.2%,EBITDACAGRof5.3%,andnetprofitCAGRof27.9%in2017-2020E.TelcorevenuewillmaintaingradualgrowthwithaCAGRof4.4%in2017-2020E.WebelievethatthemajorgrowthdriversofChinaTowerare:a)4Gnetworkexpansion,b)5Groll-out,c)usageoftowersbynon-teleco
6、mmunicationsusers,d)ahighsharingratio,ande)M&A.Newsflowon5Gdevelopmentandincreasingmarketingactivityaresharepricecatalysts.Despiterecentsharepriceunderperfor-mance,webelievethecurrentvaluationof6.1x2018EEV/EBITDAoffersagoodentrypoint.Initi-atewithBUYwithatarge
7、tpriceofHK$1.45(basedon7.2x2018EEV/EBITDA,lowerthanthatofitsglobalpeers).·Proxyforrisingdatatraffic.AccordingtotheF&SReport,from2017to2022,thesizeofthetelecommunicationstowerinfrastructuremarketChinaisexpectedtoincreasesteadilyfromRMB70.6btoRMB109.1bn,represen
8、tingaCAGRof9.1%.Inaddition,thenumberoftenantsinthetelecommunicationstowerinfrastructuremarketinChinaisexpectedtoincreasefrom2.8min2017to4.9min2022,representingaCAGRof11.9%.Thenumbe
