Core Viewpoint - UBS reports that China Tower (00788) experienced a year-on-year revenue, EBITDA, and net profit growth of 2.1%, 0.4%, and 4.5% respectively, 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, indicating a slight underperformance compared to market forecasts [1] - The company has adjusted its profit forecasts for 2025 to 2028 downwards by 4% to 19% due to lowered revenue expectations and increased operating expense forecasts [1] Target Price and Rating - UBS has reduced the target price for China Tower 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, which is expected to reduce depreciation expenses by approximately RMB 870 million this year [1] - This accounting change is anticipated to support the company's net profit and help maintain stable dividend growth amid macroeconomic headwinds [1]