Elevator Pitch
Hong Kong-listed telecommunications tower infrastructure service provider China Tower Corporation Limited (OTCPK:CTOWY) [788:HK] faces the prospects of delayed capital expenditure decisions by the Chinese telecommunications companies in the short term, and lower 5G-related capital expenditures in the medium term, following a co-build co-share agreement between the second and third largest telecommunications services providers in China.
China Tower trades at a consensus forward next twelve months EV/EBITDA of 6.4 times and a trailing P/B of 1.45 times based on its share price of HK$1.61 as of November 13, 2019, but this is