China Tower Corp (0788) fair value: what the stock is really worth
As of Nov 13, 2026: fair value (intrinsic value) of China Tower Corp stock HK$17.20, price HK$9.04, upside +90.4%, quality 59 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 12, 2026.
How to read this chart
60‑month range HK$5.85 – HK$12.05 · fair‑value band HK$12.90 – HK$21.50 · the HK$9.04 price screens below the HK$17.20 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 12, 2026.
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China Tower Corporation Limited, together with its subsidiaries, provides telecommunication tower infrastructure services in the People's Republic of China.
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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.
Stock analysis
China Tower Corp (0788) currently trades at HK$9.04, while our model-based Fair Value estimate is HK$17.20, implying the stock looks roughly 47% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of HK$29.92 per share, and 26 of the 26 models we run sit above the HK$9.04 price.
Bear case: the Asset-Based group reads lowest at HK$9.15, and 0 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: HK$12.90 (bear) to HK$21.50 (bull), the price of HK$9.04 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 59/100 (solid quality), in the Communication Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
China Tower Corp reported revenue of 100B CNY in FY2025 versus 86.6B CNY in FY2021, a compound +3.8%/yr. Reported net income was 11.6B CNY in FY2025, compounding +12.2%/yr from FY2021.
Key figures
Market cap HK$158B (≈ $20.1B) Large · P/E ratio 10.5 · P/S ratio 1.22 · EPS (TTM) HK$0.1700 · Dividend yield 4.2% · Net margin 11.6% · Return on equity 6.6% · Return on assets (EBIT) 4.6% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (medium confidence).
What moves the price
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 5% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 49% fair-value upside, at 90%, 0788 screens cheaper than that median.
Fair Value models
BearHK$12.90Fair Value HK$17.20BullHK$21.50
Price HK$9.04 · Upside +90.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+2.7%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+2.9%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+4.4%
Start year 2020 (pandemic). Over 10 years: +27.6% a year
Revenue growth 10 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+27.6%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
≈ +82.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year≈ +78.7%
Dividend (yield on the price)4.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.base effect: 78.7% / 60.5%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.15% → 17%
⚠ Base effect: the rate starts in the earnings trough around 2020 (starting value 0.037 per share, median 0.078 in 2015 to 2018). It measures the recovery from the trough, not lasting growth.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−10.9%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+1.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in CNY, China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about −12.4% a year for the price and −0.5% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (14 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Moderate scale advantages in telecom infrastructure form the main strength while state ownership and regulatory factors create the primary weakness resulting in an average moat.
Main risk: China Tower derives about 84-85% of revenue from China Mobile, China Unicom and China Telecom, whose network optimisation and lower capex could reduce tower demand and pricing under existing framework agreements.
Bull case: Successful expansion of Smart Tower and energy services to non-telco customers could offset any core revenue pressure from the three operators and satellite alternatives.
Bear case: If the three operators further optimise networks and regulators enforce lower fees while satellites gain rural traction, core tower leasing could shrink materially without sufficient offset from newer segments.
China Tower reports falling revenue in its core tower leasing business while Smart Tower and energy services expand and lift overall profits through better margins. This points to a gradual move away from heavy reliance on traditional telecom operators toward higher-growth infrastructure areas. Our models see the stock as undervalued, but will the newer segments deliver enough growth to outweigh the core decline or leave earnings more vulnerable to slower expansion?
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Telecom Services · 251 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside+90.4% · Top 25%
Profitability
Return on equity (12 months)6.6% · Below median
Return on assets3.5% · Above median
Net margin (12 months)14.0% · Top 25%
Operating margin (12 months)13.1% · Above median
Growth and dividend
Revenue growth (quarter YoY)−5.7% · Bottom 25%
Dividend yield (12 months)4.2% · Above median
Balance sheet
Debt / equity0.18× · Below median
Valuation Multiplesvs Telecom Services median · lower = cheaper
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Is China Tower Corp (0788) overvalued or undervalued?
As of Nov 12, 2026, our model estimates a fair value of HK$17.20 versus a price of HK$9.04, about +90% upside (undervalued).
What is the fair value of 0788?
Our model-based fair value for China Tower Corp is HK$17.20 (as of Nov 12, 2026), built from audited fundamentals. The current price: HK$9.04.
What is the quality score of 0788?
China Tower Corp has a Quality Score of 59/100. 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 price target for China Tower Corp (0788)?
Our model-based price target is the fair value of HK$17.20 (as of Nov 12, 2026) from 26 valuation models. Cautious scenario HK$12.90, optimistic scenario HK$21.50. It is a calculation from audited fundamentals, not an analyst target.
What is the China Tower Corp stock forecast for 2026?
Our models put fair value at HK$17.20, about +90% upside versus a price of HK$9.04 (undervalued). Cautious scenario HK$12.90, optimistic scenario HK$21.50. The calculation is refreshed regularly with new filings.
What is the revenue of China Tower Corp (0788)?
China Tower Corp reported trailing-twelve-month revenue of about 98.1B CNY (latest available figure, as of Nov 12, 2026).
Does China Tower Corp pay a dividend?
China Tower Corp currently shows a dividend yield of 4.24% relative to its recent price (as of Nov 12, 2026).
How much is the dividend of China Tower Corp (0788) and when is the ex-dividend date?
China Tower Corp pays a dividend of HK$0.383 per share a year, a dividend yield of 4.2%. The last ex-dividend date was Sep 4, 2026. A dividend has been paid every year since at least 2019. The payout ratio is 66.2% of earnings. Free cash flow covers the dividend 3.32 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into China Tower Corp (0788)?
For today's price to be fair in a discounted-cash-flow model, China Tower Corp would have to grow free cash flow by -10.9 % per year for five years (discount rate 8.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.4 % per year. As of Nov 12, 2026.
What discount rate (WACC) does the fair value of 0788 use?
Our models discount China Tower Corp at 8.6 %: a base by market capitalisation (large), damped by beta 0.36, country premium for Hong Kong. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For China Tower Corp that is -10.9 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.6 %) and the same formula as our fair value.
How much growth has China Tower Corp (0788) delivered so far?
Over the past 5 years revenue at China Tower Corp grew +4.4 % a year. The price currently implies free-cash-flow growth of -10.9 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of China Tower Corp (0788) growing?
The median revenue growth in the sector is +3.9 % a year. That is the yardstick for the growth priced into China Tower Corp (-10.9 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of China Tower Corp (0788)?
The free-cash-flow yield on the price is 19.06 %: that much free cash flow China Tower Corp produces per unit of market value. When it exceeds the discount rate of our models (8.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of China Tower Corp (0788)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For China Tower Corp it is HK$17.20 per share (as of Nov 12, 2026), against a price of HK$9.04. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is China Tower Corp stock overvalued or undervalued in 2026?
As of Nov 12, 2026, 0788 trades below its calculated fair value: price HK$9.04, fair value HK$17.20, a gap of about +90% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0788?
No. The price is what the market pays today (HK$9.04); the fair value is what the company's own numbers justify (HK$17.20). For China Tower Corp the two are HK$8.17 per share apart. That gap is exactly why we show both numbers side by side.
How much is China Tower Corp worth?
The market values China Tower Corp at about HK$158B (market capitalisation, as of Nov 12, 2026). Per share that is HK$9.04; our models calculate a fair value of HK$17.20 per share.
What do the bullish and bearish scenarios say about 0788?
Our models span a range for China Tower Corp: cautious scenario HK$12.90, base HK$17.20, optimistic HK$21.50 per share (as of Nov 12, 2026, price HK$9.04). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 0788?
China Tower Corp trades at a price-to-earnings ratio of 10.5 (as of Nov 12, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$17.20 is built from several models across several years. Other multiples: P/B 0.7, P/S 1.4, EV/EBITDA 2.8.
How solid is the balance sheet of China Tower Corp (0788)?
Balance-sheet figures for China Tower Corp (as of Nov 12, 2026): return on equity 6.6%, debt of 0.18 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is 0788 from its 52-week high?
China Tower Corp trades at HK$9.04, about 25% below its 52-week high of HK$12.05 and 5% above the low of HK$8.60 (as of Nov 13, 2026). Distance from the high says nothing about value: that is what the fair value of HK$17.20 is for.
Which stocks are comparable to China Tower Corp?
From the same area (Communication Services) we also value China Mobile Limited, Verizon Communications Inc, T-Mobile US, Inc, AT&T Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is China Tower Corp stock attractive at the current price?
The data as of Nov 12, 2026: price HK$9.04, calculated fair value HK$17.20 (+90%), Quality Score 59/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0788 calculated?
We run China Tower Corp through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of HK$17.20 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1% above its aggregate fair value. China Tower Corp currently trades 47% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of China Tower Corp (0788)?
The closing price on Nov 13, 2026 was HK$9.04. Our model-based fair value is HK$17.20, about +90% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with China Tower Corp right now?
The price is below even our cautious bear case (HK$12.90). The market is more pessimistic than our downside scenario. Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of China Tower Corp
How large is the market capitalisation of China Tower Corp (0788)?
The market capitalisation of China Tower Corp is HK$158B (≈ $20.1B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of China Tower Corp (0788)?
The price-to-sales ratio of China Tower Corp is 1.22 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of China Tower Corp (0788)?
Earnings per share at China Tower Corp are HK$0.1700 (price ÷ EPS = P/E 10.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of China Tower Corp (0788)?
The dividend yield of China Tower Corp is 4.2%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of China Tower Corp (0788)?
The net margin of China Tower Corp is 11.6% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of China Tower Corp (0788)?
The return on equity (ROE) of China Tower Corp is 6.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of China Tower Corp (0788)?
On an EBIT basis the return on assets of China Tower Corp is 4.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of China Tower Corp (0788)?
The operating margin of China Tower Corp is 13.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at China Tower Corp (0788)?
Revenue at China Tower Corp is down 5.7% versus a year earlier (3y avg +2.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at China Tower Corp (0788)?
Earnings per share at China Tower Corp are growing 12.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does China Tower Corp (0788) carry?
The net debt of China Tower Corp is 78.2B CNY (fiscal year 2025, ≈ 3.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 12, 2026