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China Tower Corporation (0788) Fair Value & Analysis

Communication Services · HK · Market cap HK$154B

CT China Tower Corporation 0788 · HK
PriceHK$9.31
Fair ValueHK$14.01
Upside+50.6%
Quality58/100
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Expensive Growth
Solidly profitable · 12.5% net margin
Low debt · generates free cash flow
5.12% dividend yield
Ranks above peers (11/14)
Moderate moat 51/100
Evidence: High Range HK$9.87 – HK$18.63 Share as image

Fair value as of: Aug 13, 2026

From 24 valuation models · updated 2 days ago

Fair value updated Aug 13, 2026, revised from HK$13.88 to HK$14.01 (+0.9%) since Jul 7, 2026. Share price +0.3% over the past month.

A solid business, screening 51% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (HK$9.87). The market is more pessimistic than our downside scenario.
  • Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (HK$9.87 to HK$18.63) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

HK$12.35 HK$5.99 Fair Value HK$14.01 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range HK$5.99 – HK$12.35 · fair‑value band HK$9.87 – HK$18.63 · the HK$9.31 price screens below the HK$14.01 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

China Tower Corporation (0788) currently trades at HK$9.31, while our model-based Fair Value estimate is HK$14.01, implying the stock looks roughly 50.6% undervalued today. The Quality Score stands at 58/100 (solid quality), in the Communication Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, China Tower Corporation generated revenue of HK$101B at a net margin of 12.5%. Revenue grew 1.5% year over year. It earns a return on equity of 6.2%. Net debt stands at HK$78.2B. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$9.87 (bear case) to HK$18.63 (bull case); at HK$9.31, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades about 25% below its 52-week high and 7% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 30% fair-value upside, at 51%, 0788 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF HK$16.49 HK$28.18 HK$47.11 80
Residual Income HK$9.12 HK$9.36 HK$9.33 76
Rev-Margin DCF HK$10.42 HK$17.06 HK$25.25 74
All 24 models by family
DCF Models
FCF DCF HK$16.41 HK$28.58 HK$48.49 38
Owner Earnings HK$19.17 HK$33.22 HK$56.21 31
5Y Revenue Exit HK$10.42 HK$17.01 HK$25.48 39
5Y EBITDA Exit HK$25.04 HK$45.80 HK$71.14 41
5Y P/E Exit HK$11.20 HK$18.55 HK$26.49 38
10Y Revenue Exit HK$12.06 HK$18.80 HK$28.17 36
10Y EBITDA Exit HK$21.86 HK$39.36 HK$64.76 37
10Y P/E Exit HK$12.86 HK$19.90 HK$28.98 35
Earnings-Based
Graham-Dodd HK$4.52 HK$17.69 HK$24.01 54
Lynch FV HK$4.35 HK$6.22 HK$8.09 50
PEG = 1.0 HK$4.35 HK$6.22 HK$8.09 46
EPV HK$6.07 HK$7.30 HK$8.39 59
Multiples
P/E Multiple HK$10.98 HK$14.64 HK$18.30 63
P/S Multiple HK$8.48 HK$11.31 HK$14.14 58
P/B Multiple HK$8.48 HK$11.31 HK$14.14 55
EV/EBIT HK$10.56 HK$14.53 HK$18.51 53
EV/EBITDA HK$32.53 HK$43.82 HK$55.12 54
EV/Revenue HK$7.68 HK$11.55 HK$15.43 43
Asset-Based
NCAV (Graham) HK$5.83 HK$7.82 HK$11.67 50
Growth DCF
Growth DCF HK$16.49 HK$28.18 HK$47.11 80
Rev-Margin DCF HK$10.42 HK$17.06 HK$25.25 74
Economic Profit
Residual Income HK$9.12 HK$9.36 HK$9.33 76
ROIC Compounder HK$6.07 HK$7.30 HK$8.39 72
Growth Earnings
Growth-Adj P/E HK$8.00 HK$11.43 HK$14.86 68

Widest divergence: DCF Models (HK$19.90) versus Earnings-Based (HK$6.22). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$101B
Revenue growth (YoY) +1.5%
Net margin 12.5%
Return on equity 6.2%
Free cash flow HK$25.6B FY2025
P/E ratio 11.4 as of Jul 2, 2026
More key figures
Operating margin 23.4%
EPS (TTM) HK$0.3300
Dividend yield 5.1%
EPS growth (YoY) +13.4%
Net debt HK$78.2B FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 58/100

Of which business quality 57 · Market factors (momentum, volatility) 43

Profitability 36
Margins and returns on capital today
Quality Growth 45
Are margins and returns improving?
Cashflow 79
Earnings quality: real cash, not paper profit
Fin. Strength 49
Balance sheet, leverage, solvency risk
Investment 58
Disciplined investing over empire-building
Low Volatility 95
Calm price path (market factor)
Momentum 24
Price trend over the last 3–12 months (market factor)
52W Momentum 17
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

China Tower Corporation Limited, together with its subsidiaries, provides telecommunication tower infrastructure services in the People's Republic of China.

Full company description

China Tower Corporation Limited, together with its subsidiaries, provides telecommunication tower infrastructure services in the People's Republic of China. The company engages in the construction, maintenance, and operation of base station ancillary facilities, such as telecommunications towers and public network coverage in high-speed railway tunnels and subways, large-scale indoor distributed antenna systems, and integrated digital infrastructure service. It also offers towers, and shelters or cabinets; and ancillary equipment to TSPs to facilitate the operating of their telecommunications equipment. In addition, the company provides maintenance services, including monitoring equipment operation, routine inspection, device breakdown handling, property upkeep, working environment protection, and operation analysis services. Further, it offers power access, batteries, or back up power generation to the customers' telecommunications equipment; and indoor distributed antenna systems connecting telecommunication equipment, enabling them to receive and send indoor mobile telecommunication network signals, as well as mobile telecommunication network signals covering large venues, buildings, and tunnels. Additionally, the company provides backup power services for standby emergency power supply to corporate customers; battery exchange services to replaceable batteries to individual customers; battery recharge services to corporate and individual customers; and trans-sector site application and information services, as well as integrated information, power generation, and energy storage services. The company was formerly known as China Communications Facilities Services Corporation Limited and changed its name to China Tower Corporation Limited in September 2014. The company was incorporated in 2014 and is headquartered in Beijing, China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

China Tower Corporation reported revenue of HK$100B in FY2025 versus HK$86.6B in FY2021, a compound +3.8%/yr. Reported net income was HK$11.6B in FY2025, compounding +12.2%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
HK$100B
Latest YoY
+2.7%
Avg. growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.9%
Avg. growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.4%
Avg. growth/yr (10Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+27.6%
Revenue +3.8%/yr
FY21 HK$86.6B
FY22 HK$92.2B
FY23 HK$94.0B
FY24 HK$97.8B
FY25 HK$100B
Net income +12.2%/yr
FY21 HK$7.3B
FY22 HK$8.8B
FY23 HK$9.8B
FY24 HK$10.7B
FY25 HK$11.6B

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China Tower Corporation · Fair Value
HK$14.01 +51%Fair Value
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Cite: Fair Value Calculator (2026). "China Tower Corporation Fair Value". https://www.fairvalue-calculator.com/stock/0788

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Telecom Services · 253 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 58 · Above median
Fair Value upside +51% · Top 25%
Return on equity (TTM) 6% · Below median
Return on assets 3% · Above median
Net margin (TTM) 12% · Top 25%
Operating margin (TTM) 23% · Top 25%
Revenue growth 2% · Below median
Dividend yield (TTM) 5.1% · Above median
Debt / equity 0.18× · Lower than median

Valuation Multiples vs Telecom Services median · lower = cheaper

P/E (TTM) 11.4× · Cheaper than median
P/B 0.75× · Cheaper than median
P/S (TTM) 1.53× · Pricier than median
P/FCF 0.8× · Cheaper than median
EV/EBITDA 3.2× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 26
FUTURE 8 · sector 15
PAST 25 · sector 27
HEALTH 91 · sector 89
DIVIDEND 100 · sector 76

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Telecom Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
China Mobile Limited 600941 ¥96.11 ¥109.88 +14%
Bharti Airtel Limited BHARTIARTL ₹1,945 ₹941.55 -52%
China Telecom Corporation 601728 ¥6.43 ¥8.36 +30%
América Móvil, S.A. AMXB 23.07 MXN 30.35 MXN +32%
Vodafone Group VODN 259.50 MXN 494.99 MXN +91%
Advanced Info Service Public Company ADVANC 374.00 THB 286.77 THB -23%
Chunghwa Telecom Co 2412 136.00 TWD 100.00 TWD -26%
Telefónica, S.A TEFN 75.67 MXN 108.96 MXN +44%
TLKM TLKM 2,590 IDR 3,898 IDR +50%
PT Indoritel Makmur Internasional Tbk., DNET 9,500 IDR 1,503 IDR -84%

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Frequently asked questions

Is China Tower Corporation (0788) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$14.01 versus a price of HK$9.31, about +51% (undervalued).
What is the fair value of 0788?
Our model-based fair value for China Tower Corporation is HK$14.01 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$9.31.
What is the quality score of 0788?
China Tower Corporation has a Quality Score of 58/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of China Tower Corporation (0788)?
China Tower Corporation reported trailing-twelve-month revenue of about HK$101B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 0788?
The net profit margin of China Tower Corporation is about 12.5%, meaning it keeps roughly 12.5% of revenue as net income. Based on the latest reported figures.
Does China Tower Corporation pay a dividend?
China Tower Corporation currently shows a dividend yield of about 5.12% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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