We reiterate the view that the market is waiting for clarity on price negotiations with telecom operators to be more positive on China Tower. Despite slower-than-expected 2021 results, we believe that China Tower will deliver healthy and stable overall growth, with the “Two Wings business” (TSSAI and energy) remaining its main growth driver, contributing a large proportion of total revenue. A potential catalyst is more information on the price negotiations, which is expected to emerge in mid-2022. We maintain our ADD rating with a lower target price of HK$1.38, based on 4x 2022F EV/EBITDA. The cut in our target is due to a downward revision in net profit forecasts and a lower target multiple (from 5.5x to 4x).