- We maintain our BUY rating as we expect CTR to continue enhancing its bottom-line growth and profitability, which will be spearheaded by the infrastructure leasing (towerco) segment. 

- We cut our target price (TP) by 5% mainly due to (1) our 50-bp increase to our WACC rate to 9.8% (vs previously 9.3%) for 2022F-2026F, which is mainly driven by raising our risk-free rate assumption by 50 bps; and (2) cutting aggregate 2022F-2024F EBITDA for CTR’s towerco segment by 9% due to an 11% increase in 2022F maintenance costs, along with our 18% cut in aggregate 2022F-2024F depreciation that is caused by lower-than-expected growth of capex. 

- We expect a 30% CAGR in CTR’s EBITDA (vs previously 35%) for 2021-2024F — led by a 57% CAGR in towerco’s EBITDA (vs previously 70%). We forecast towerco's EBITDA contribution will jump from 22% in 2021 to 39% in 2024F (vs previously 44%).

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