智通财经网·2025-10-20 06:31Core Viewpoint - UBS reported that China Tower (00788) experienced a year-on-year revenue, EBITDA, and net profit growth of 2.1%, 0.4%, and 4.5% respectively in Q3, which fell short of market expectations by approximately 1% to 3% due to reduced tower revenue, increased maintenance costs, and credit impairment [1] Financial Performance - China Tower's Q3 revenue growth was 2.1% year-on-year, while EBITDA and net profit grew by 0.4% and 4.5% respectively [1] - The company's performance was below market forecasts, attributed to declining tower revenue and rising operational costs [1] Profit Forecast Adjustments - UBS has revised its net profit forecasts for China Tower downwards by 4% to 19% for the years 2025 to 2028 [1] - The target price for the stock has been reduced from HKD 15 to HKD 13.5, while maintaining a "Buy" rating [1] Accounting Changes - China Tower has extended the depreciation period for its DAS assets from 7 years to 10 years due to technological improvements and maintenance enhancements [1] - This accounting change is estimated to reduce the company's depreciation expenses by approximately RMB 870 million this year, which is expected to support net profit and maintain stable dividend growth amid macroeconomic headwinds [1]