DJ China Tower Corp's Non-Telco Revenue Could Grow in 2021 -- Market Talk
0534 GMT - China Tower Corp's non-telco revenue could grow in 2021, buoyed by the strength of its energy business, Citi says. The Chinese tower infrastructure provider has also increased its dividend payout ratio to 68% from 60%, which is a positive move, the U.S. investment bank says. However, China Tower's 5G and telco revenue growth could remain muted this year as capex was significantly lower in 2020, the bank notes. As Chinese telcos are trying to control costs, it is unlikely that China Tower's tower rental income will improve this year. Citi raises its target price to HK$1.35 from HK$1.26 and maintains a neutral rating. Shares are 3.3% higher at HK$1.27. (yiwei.wong@wsj.com)
(END) Dow Jones Newswires
March 09, 2021 00:34 ET (05:34 GMT)
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