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World's largest telecom tower company, leasing tower infrastructure to China's three state carriers.
World's largest telecom tower company, leasing tower infrastructure to China's three state carriers.
Almost all revenue is rent paid by the three carriers that also own it, for mounting equipment on its towers under long-term service agreements, so extra tenants on the same tower add revenue at little added cost. Indoor coverage systems and backup-power or battery-swap services were added as smaller lines after the 2018 listing.
In one line: China's American Tower, a captive tower-leasing monopoly for the three carriers.
Moat: wide (scale, installed base, regulatory licence). Sole national tower-sharing platform for all three carriers, with the world's largest tower portfolio.
Headquarters: Beijing, China · Founded: 2014 · Employees: 25,074
Size China Tower (0788.HK) is a Hong Kong Communication Services company (Specialty Telecommunications) with a market value of $20.2B, the 90th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$9.07 on 6 Nov 2026.
Performance Over six months the shares fell 17.6%, against -8.0% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 4th lowest of 9 in its peer set.
Growth Revenue grew 3.9% over the last twelve months (peer median +0.6%); the operating margin is 19.9% (peer median 7.6%).
Valuation It trades at 9.7× forward earnings against a peer median of 23.3× (cheapest of 7).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.7 points below its cost of capital (6.0% WACC).
Next results Next results expected around 22 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$111B | HK$109B | HK$106B | HK$104B | HK$107B |
| Revenue growth | — | +3% | +2% | -3% | — |
| Gross profit | HK$37.4B | HK$31.1B | HK$28.7B | HK$28.0B | HK$28.7B |
| EBITDA | HK$68.9B | HK$71.1B | HK$71.6B | HK$70.6B | HK$74.6B |
| Net income | HK$15.0B | HK$12.6B | HK$11.6B | HK$10.8B | HK$10.2B |
| Free cash flow | HK$6.09B | HK$26.2B | HK$19.6B | -HK$2.47B | HK$40.3B |
| Capital expenditure | HK$31.0B | HK$33.1B | HK$32.3B | HK$37.0B | HK$33.3B |
| Total debt | n/a | HK$101B | HK$98.5B | HK$104B | HK$89.2B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| China Tower 0788.HK | $20.2B | -18% | +4% | 20% | 9.7× | -1.0% |
| American Tower AMT | $87.6B | +8% | +5% | 44% | 27.8× | n/a |
| Crown Castle CCI | $37.7B | -1% | -16% | 48% | 31.6× | n/a |
| China Mobile 0941.HK | $227B | -2% | +4% | 19% | 11.3× | -16.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0788.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.1% | +3.7% | 4th lowest of 9 |
| 6-month return | -17.6% | -8.0% | 4th lowest of 9 |
| Distance from 52-week high | -29.4% | -21.4% | 4th lowest of 9 |
| Revenue growth (TTM) | +3.9% | +0.6% | 4th highest of 9 |
| Operating margin | 19.9% | 7.6% | 2nd highest of 9 |
| Forward P/E | 9.7× | 23.3× | cheapest of 7 |
| Growth the price implies (Req g, 7 yrs) | -1.0% | 11.7% | 2nd least demanding of 6 |
| Growth delivered (Del g) | +3.6% | -0.3% | 2nd highest of 6 |
| Hurdle (Req g minus delivered) | -4.6 pp | +10.8 pp | least demanding of 6 |
| ROIC minus cost of capital | -0.7 pp | -3.0 pp | 3rd highest of 9 |
| EV / EBITDA | 3.9× | 8.8× | cheapest of 6 |
| Net debt / EBITDA | 1.6× | 2.5× | 3rd least indebted of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Tower 0788.HK | Hong Kong | $20.2B | -18% | +4% | 20% | 9.7× | -1.0% | +3.6% |
| Telia TELIA.ST | Sweden | $19.2B | 0% | 0% | 18% | 21.1× | -1.1% | -1.9% |
| Telefonica TEF.MC | Spain | $21.4B | -16% | -11% | 5% | 10.8× | 11.7% | -4.0% |
| EchoStar ECHO | United States | $27.5B | -26% | -20% | 11% | 25.5× | n/a | n/a |
| China Satellite Communications 601698.SS | China | $13.9B | -40% | -2% | 10% | n/a | 40.0% | -0.3% |
| AST SpaceMobile ASTS | United States | $12.6B | -57% | +2,257% | -410% | n/a | n/a | n/a |
| Infrastrutture Wireless Italiane INW.MI | Italy | $7.39B | +1% | +1% | 53% | 19.4× | 8.2% | +10.2% |
| ASR Microelectronics 688220.SS | China | $6.56B | +6% | +28% | 1% | 170.1× | n/a | n/a |
| 1&1 1U1.DE | Germany | $5.79B | +7% | +8% | 3% | 34.4× | 12.5% | +1.8% |