Investment Rating - The investment rating for China Tower Corp. is Neutral, with a 12-month price target of HK$12.5, representing an upside of 8.3% from the current price of HK$11.54 [8][10]. Core Insights - The report highlights that China Tower's depreciation expenses are expected to drop significantly in 2026 due to the end of the depreciable life of tower assets acquired in 2015, which will lead to a one-off strong net profit growth of approximately 46% year-over-year [2][8]. - The company maintains a capital expenditure (capex) guidance of Rmb32 billion for 2025, with allocations for new tower construction, maintenance, and non-telco business segments [3][8]. - The average tenant sharing ratio is projected to increase, with current statistics showing 1.81 tenants per tower, indicating potential for revenue growth [6][8]. Summary by Sections Depreciation - China Tower acquired 1.43 million towers in 2015, which will reach the end of their 10-year depreciable life by October 2025, resulting in a significant reduction in depreciation expenses to zero in 2026 [2][8]. - The depreciation expense associated with these towers is estimated to be Rmb7 billion in 2025, which will support strong net profit growth in 2026 [2][8]. Capital Expenditure (Capex) - The capex for 2025 is set at Rmb32 billion, with Rmb18 billion allocated for new tower construction and modifications, Rmb6-7 billion for maintenance, Rmb5 billion for non-telco segments, and Rmb2 billion for IT systems [3][8]. Accounts Receivables - The majority of accounts receivables come from China telcos, with an increase noted in 2023-24 due to longer payment cycles. However, management indicated that these receivables typically do not convert into bad debt [5][8]. Tenant Sharing Ratio - As of Q1 2025, 14%-15% of the towers have three tenants, 35% have two tenants, and 50% have only one tenant, suggesting room for improvement in the tenant sharing ratio [6][8]. Financial Projections - Revenue is projected to grow from Rmb94 billion in 2023 to Rmb100.8 billion in 2025, with net income expected to rise from Rmb9.75 billion in 2023 to Rmb11.7 billion in 2025 [7][10].

Company Overview - IHS Holding (IHS) shares increased by 9.7% to close at $5.44, supported by strong trading volume, and have gained 12.7% over the past four weeks [1][2] - The company is a key player in the communication infrastructure sector, benefiting from robust demand trends in Africa [2] Growth Drivers - IHS is investing in base transceiver stations, fiber connectivity, and telecom towers to enhance colocation opportunities [2] - The proliferation of 5G technology in sub-Saharan Africa and Latin America is expected to boost demand for IHS Towers in the coming quarters [2] Financial Performance Expectations - The upcoming quarterly earnings report is projected to show earnings of $0.17 per share, reflecting a year-over-year increase of 342.9% [3] - Expected revenues for the quarter are $421.26 million, which is a 0.8% increase from the same quarter last year [3] Market Sentiment - The consensus EPS estimate for IHS has remained stable over the last 30 days, indicating that the stock's price movement may not sustain without earnings estimate revisions [4] - IHS Holding holds a Zacks Rank of 1 (Strong Buy), indicating positive market sentiment [4] Industry Comparison - IHS Holding is part of the Zacks Communication - Infrastructure industry, which includes other companies like Anterix (ATEX), which has seen a decline of 10% over the past month [4]