UBS: Downgrades China Tower's target price to HKD 10 and maintains a "Neutral" rating.

UBS has released a research report stating that it has lowered the target price for China Tower by 14%, from HKD 11.6 to HKD 10, while maintaining a "Neutral" rating. The bank has revised down its net profit and earnings per share expectations for the company for 2026-2028 by 10-14%, primarily due to telecom operators optimizing mobile networks, which has led to a decline in tower revenues. According to the bank's new earnings forecasts and a 77% payout ratio, China Tower's expected dividend yield for 2026 is currently 6%, which should support its valuation.