Morgan Stanley released a research report stating that China Tower (00788) saw its third-quarter revenue constrained by telecom carriers continuing cost control measures, while net profit benefited from depreciation savings. The firm maintains its "Overweight" rating on the stock with a target price of HK$11.50.
The bank noted that the results have limited impact on its investment thesis, coming in slightly below market expectations, and it anticipates a minor downward revision to earnings per share forecasts over the next 12 months.
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