Zhi Tong Cai Jing·2025-08-11 08:21Core Viewpoint - Goldman Sachs has become more positive on China Tower (00788) following the release of its first-half results, primarily due to improved dividend prospects and a stabilization in accounts receivable, which has led to normalized cash flow [1] Summary by Relevant Sections Dividend Outlook - The company’s dividend payout ratio increased by 5 percentage points year-on-year to 45%, with a 22% year-on-year growth in earnings per share dividends, indicating a willingness to increase dividends compared to previous slow growth [1] Financial Guidance - Management did not provide guidance on next year's depreciation and profit details, which some investors may view as a negative signal due to the market's desire for clearer visibility on earnings and dividends [1] - Goldman Sachs estimates that overall depreciation expenses will decrease to 5 billion RMB next year [1] Target Price Adjustment - Goldman Sachs raised its target price for China Tower from 12.6 HKD to 13 HKD, maintaining a "neutral" rating [1]