What are your views on AMT?
1. Defensive business model, especially amid current global uncertainty. Its revenue is generated from long-term tower leases with major wireless carriers such as AT&T, T-Mobile and Verizon Wireless, therefore there should not be any significant impact to its business from current economic environment.
2. Shorter & longer-term growth. Current Covid situation may lead to increase in demand for cellular network usage from remote working trend. It has seen strong organic tenant billing growth for its latest quarter. Longer-term catalyst will be transition towards 5G and Internet of Things (IoT) but this will take time to play out. These catalyst may continue to drive demand for its leasing activity .
3. Dividend play. AMT has a good history of increasing its dividends. Consistent growth in operating cashflow may ensure that it has the ability to maintain or increase its dividends moving forward. Majority of its revenue is also recurring in nature, providing consistent stream of income.
Risks include weakness in some international segment. Asia and Latin America revenue fall 15% for its latest quarter. Operating profit margin has been declining y-o-y in these 2 regions too, especially in Asia, which questions whether its huge spending on the international regions can drive successful results. In the meantime, they will have to depend on its U.S business (its largest market) to hold the fort. As it is a stable dividend play, dividend yield is of main focus. With dividend yield of 1.9%, it may appears unattractive for some.
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telecommunication / technology hardware sectors.
US Technology Analyst (Software/Services)
specializing in IPO and the consumer industry.
Banking and Finance
US Technology Analyst (Internet)
Head of Research
Gaming, Entertainment and Food sectors.
Senior Research Analyst
Consumer | Conglomerates & Industrials
About :李浩然先生(Eric Li) 高級分析師 現任現為輝立証券持牌高級分析師，曾任職股票基金、家族辦公室及證券公司等，擁有多年的證券研究部門從業及投資經驗，並先後於香港最暢銷的財經媒體撰寫投資專欄。畢業於香港理工大學電子計算系。 Eric is currently a licensed research analyst at Phillip Securities. Prior to joining Phillip Securities, he has years of equity research and investment experiences in asset management company, family office and securities company. Meanwhile, he has written investment columns in Hong Kong`s best-selling financial media for years. He holds Bachelor of Arts in Computing from The Hong Kong Polytechnic University.
About :陳翹昕小姐 (Chloe Chan) 分析師 陳翹昕小姐持有英國雷丁大學金融與投資銀行一級榮譽學士學位，現為輝立証券持牌分析師，主要負責新股及消費行業研究。 Chloe Chan holds a First-Class Honours degree in Finance and Investment Banking from the University of Reading. She is currently a licensed research analyst at Phillip Securities specializing in IPO and the consumer industry.
About :Darren has over three years of experience on the buy-side as a fund manager. During his time as fund manager, he has managed multiple funds and mandates including dividend income, growth, customised, Singapore focused and regionally focused funds. He graduated from the University of London with a First-Class Honours degree in Banking and Finance.
About :Glenn covers the Banking and Finance sector. He has had 3 years of experience as a Credit Analyst in a Bank, where he prepared credit proposals by conducting consistent critical analysis on the business, market, country and financial information. Glenn graduated with a Bachelor of Business Management from the University of Queensland with a double major in International Business and Human Resources.
About :Maximilian mainly covers the US technology sector. In his strive to be a globalized citizen and get continuous exposure to the fundamentals of companies from various industries, he graduated from Singapore Management University holding a Bachelor’s degree in Business Management.
About :Paul has 20 years of experience as a fund manager and sell-side analyst. During his time as fund manager, he has managed multiple funds and mandates including capital guaranteed, dividend income, renewable energy, single country and regionally focused funds.
About :香港恒生大學金融分析一級榮譽畢業，具有股票研究、技術分析和投資經驗。現為輝立証券持牌分析師，主要負責遊戲?娛樂?食品等板塊研究。 Elvis holds a BBA degree with first class honor major in Financial Analysis at the Hang Seng University of Hong Kong. He has experience in equity research, technical analysis and investment experience. He is currently a licensed research analyst at Phillip Securities and mainly covers Gaming, Entertainment and Food sectors.
About :Terence specialises in the consumer, conglomerate and industrials sector. He has over five years of experience as an analyst in the buy- and sell-side. As an institutional fund management analyst, he sat on the China-Hong Kong desk. Terence was ranked top 3 for Best Analyst under the small caps and energy category in the Asia Money poll 2018.
About :I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).
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