Core Viewpoint - SBA Communications Corporation (SBAC) is a significant player in the wireless communications infrastructure sector, with a market cap of $21.4 billion, and operates nearly 40,000 cell towers globally, ensuring stable revenue streams from major mobile carriers [1][2]. Company Overview - SBAC is headquartered in Boca Raton, Florida, and specializes in owning and operating wireless communications infrastructure, including towers, buildings, rooftops, DAS, and small cells [1]. - The company provides site leasing, development, construction, and consulting services, leasing antenna space on multi-tenant towers under long-term contracts [1]. Market Position - As a large-cap stock, SBAC's market cap exceeds $10 billion, highlighting its size and influence within the REIT-specialty industry [2]. - The company has a strong presence in the U.S. and Brazil, contributing to its stable and recurring revenue streams [2]. Stock Performance - SBAC's stock has experienced a decline of 21.1% from its 52-week high of $252.64, reached on October 16, 2024, and has fallen 12.8% over the past three months [3]. - Year-to-date, SBAC shares dipped 2.2%, and over the past 52 weeks, they fell 18.6%, underperforming the iShares U.S. Digital Infrastructure and Real Estate ETF's YTD gains of 7.9% and 11.3% returns [4]. Financial Results - In Q2, SBAC reported an adjusted FFO per share of $3.17, exceeding Wall Street expectations of $3.12, with revenue of $699 million, surpassing forecasts of $670.1 million [5]. - The company anticipates full-year FFO in the range of $12.65 to $13.02 per share and revenue between $2.78 billion and $2.83 billion [5].

Core Viewpoint - China Tower reported a stable performance in 1H25 with slight revenue growth and improved net profit, while maintaining a healthy dividend payout to enhance shareholder returns [1][3]. Financial Performance - 1H25 revenue increased by 2.8% YoY to RMB49.6 billion, slightly below BBG consensus of RMB49.7 billion [1] - Net profit rose by 8.0% YoY to RMB5.8 billion, exceeding BBG consensus of RMB5.7 billion [1] - EBITDA for 1H25 grew by 3.6% YoY to RMB34.2 billion, with an EBITDA margin of 69.0% [1] - Free cash flow declined by 14.7% YoY to RMB16.3 billion, but cash flow from operations grew by 172% HoH [1] Business Segments - Tower revenue, accounting for 76% of 1H25 revenue, remained stable at RMB37.8 billion [2] - DAS and Two Wings businesses achieved double-digit growth, with revenues of RMB4.7 billion (+12% YoY) and RMB13.4 billion (+15% YoY) respectively [2] - Anticipated overall revenue for 2025 is projected at RMB100 billion, reflecting a 3% YoY increase [2] Shareholder Returns - The Company declared a mid-term dividend of RMB0.13 per share for 1H25, marking a 21.6% increase YoY [3] - The full-year dividend per share for 2024 was RMB0.42, representing an 11.5% increase YoY and a payout ratio of 76% [3] Outlook and Valuation - The Company maintains a HOLD rating with a target price adjusted to HK$13.1, based on a 4.0x FY25E EV/EBITDA [4][5] - Limited topline and EBITDA upside is expected, with estimates of 2.7% and 3.1% YoY growth in 2025E [4]