Core Viewpoint - UBS reported that China Tower's Q3 revenue, EBITDA, and net profit grew by 2.1%, 0.4%, and 4.5% year-on-year, respectively, but fell short of market expectations by approximately 1% to 3% due to reduced tower revenue, increased maintenance costs, and credit impairment [1] Financial Performance - Q3 revenue growth of 2.1% year-on-year [1] - EBITDA growth of 0.4% year-on-year [1] - Net profit growth of 4.5% year-on-year [1] Market Expectations - Financial results were approximately 1% to 3% below market forecasts [1] - Factors contributing to underperformance include decreased tower revenue, rising maintenance costs, and credit impairment [1] Accounting Changes - China Tower extended the depreciation period of 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 870 million yuan this year [1] Profit Forecast Adjustments - UBS adjusted its net profit forecasts for China Tower down by 4% to 19% for the years 2025 to 2028 [1] - Target price revised from 15 HKD to 13.5 HKD while maintaining a "Buy" rating [1]