China Tower Corporation Limited (CHWRF)
NEUTRALファンダメンタル
65
株価
$9.26
時価総額
$163.45B
パート1 · 企業の価値
概要
China Tower owns and operates the physical infrastructure — towers, rooftop sites, power supply, indoor antenna systems — that China's mobile networks run on. It was formed in 2014 when China Mobile, China Unicom and China Telecom pooled their tower assets into one company, which remains their majority-owned shared infrastructure provider rather than an independent operator competing for their business.
収益の仕組み
The core business rents tower space to the three carriers, who share the same physical structure instead of each building its own — a model designed to cut national network build-out costs. On top of that, the company sells indoor antenna systems, and it is expanding into two newer businesses: renting site space and monitoring services to sectors outside telecom (power, transport, agriculture), and providing energy services such as backup power and EV battery swapping.
需要を左右する要因
ディフェンシブTower leasing revenue is tied to long-term agreements with the three carriers and to the pace of network build-out (4G, 5G and coverage expansion) rather than to consumer spending cycles, which makes the core business relatively steady. The newer smart-tower and energy businesses are more exposed to how fast other industries adopt shared infrastructure and IoT monitoring.
主なリスク
- Dependence on the three state carriers — The bulk of revenue comes from China Mobile, China Unicom and China Telecom, who are also the company's controlling shareholders; a change in their capital-spending plans or in the pricing they negotiate directly affects results.
- Regulatory and pricing policy risk — Government policy on infrastructure sharing, tower leasing prices and network technology standards can change the economics of the business, since the company operates within a framework largely set by state telecom regulation rather than open market pricing.
- Execution risk in newer business lines — The smart-tower and energy businesses are new growth areas outside the company's traditional carrier-tower model, and their success depends on winning adoption from industries and use cases where China Tower has less established relationships.
顧客集中度
China Mobile, China Unicom and China Telecom are described as the company's major customers and together provide the large majority of revenue; the current annual results do not restate the exact split by carrier.
強気材料
Buyers argue that China Tower's near-monopoly on shared tower infrastructure in China gives it a highly predictable, contracted revenue base, and that its newer smart-tower and energy businesses open growth avenues beyond a mature core tower-leasing market.
弱気材料
Sellers fear that being financially dependent on the same three carriers that also control the company as shareholders limits its negotiating power on pricing, and that the newer growth businesses remain small and unproven relative to the mature core.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
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貸借対照表と流動性
売上高
$26.12B
直近の公表四半期までの12か月 — 1株当たり指標からの推計
純利益
$3.02B
直近の公表四半期までの12か月 — 1株当たり指標からの推計
フリーキャッシュフロー
-
自己資本合計
$62.40B
負債合計
$101.39B
流動比率
1.77
利払い倍率
-
負債/EBITDA
2.02
一株当たり利益(EPS)
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$21.52
現在株価
$9.26
安全マージン
+57.0%
適正価値レンジ
$13.99 - $29.06
推定方法
バリュエーション指標
P/E レシオ
14.05
ROE
6.6%
P/B レシオ
0.81
P/FCF
-
粗利益率
92.8%
ROIC
10.6%
収益性レーダー
Value Creation (Economic Moat)
ROIC
10.6%
WACC
4.9%
ROIC − WACC
+5.7 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
ファンダメンタル分析基準
合格(11)
- ROIC 10.6%
- Gross Margin 92.8%
- P/B Ratio 0.81
- Debt/Equity ratio
- Operating Margin 17.3%
- Current Ratio
- Debt/EBITDA
- Price below Graham Number
- Analyst Consensus 62% Buy
- PEG Ratio 0.15
- Net Margin Trend 11.6% vs 11.0%
不合格(5)
- Price CAGR -7.06%
- DCF valuation (Unknown)
- ROE 5.8%
- Revenue Growth 5Y 4.4%
- Piotroski F-Score 0/9
データなし(11)
- EPS data insufficient
- P/FCF NaN
- Dividend Payout NaN%
- Positive Free Cash Flow
- CapEx intensity
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Earnings Surprise (Finnhub)
- Earnings Quality (OCF/Net Income)
- Share Dilution (missing shares data)
Piotroski F-スコア
重大な財務上の懸念
利益の質
低品質:会計処理を調査してください
株式希薄化
株式を買い戻している。株主に友好的
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Zhiyong Zhang | Executive Chairman | 59 |
| Mr. Li Chen | GM & Executive Director | 57 |
| Ms. Qingzhou Liu | Board Secretary & GM of Finance Department | 46 |
| Mr. Shaofeng Hu | Chief Accountant | 57 |
| Edgar Fu | Investor Relations Director | - |
| Mr. Wenkai Yin | Executive Director | 56 |
| Ms. Suet Wing Leung A.C.I.S., A.C.S. | Company Secretary | 35 |
監査リスク
6
取締役会リスク
8
報酬リスク
3
株主権利リスク
10
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for CHWRF, sourced from Markets Gazette.