TMT – Chinese Telcos Resilient Growth to Continue
The three Chinese telcos will report 2022 results in the coming weeks with China Unicom kicks starting next week on 8 Mar.
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China Unicom (762 HK) - Policy Support to Sustain 5G Momentum
We have trimmed our earnings forecasts and TP (HK$6.10), which reflects both faster than expected cost increase as well as a lowered FX assumption...
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Tactical Trade Ideas – Telecoms-A Small Step in Revenue Growth, a Giant Leap in Sentiment
Mobile data traffic revenue, which is the single biggest item and accounted for 40.9% of total industry revenue in 8M22, edged up 0.5% y/y.
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TMT – Chinese Telcos - Growth Momentum Sustained
Despite their outperformance YTD, all three are still attractive in PE valuation with a range of 5.6-7.5x FY23 earnings and div yld of 9.5- 9.9%.
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