China Unicom's Mixed Ownership Reform Plans Announced but Benefits Likely Overhyped

BBSP Equity Asia Weekly Research 25 Oct 2017

Chinese Telcos Lower Capex Will Generate Higher Cash Returns. China Unicom Our Top Pick.

China Unicom Strong Bull Call Gaining Momentum

China Unicom's Strategy Gaining Traction. 1Q17 Results Show the Improvement

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Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

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Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
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Pan European Telecom Services and Cable

Equity Bottom-Up

China Unicom Hong Kong / Equity Bottom-Up

<p>Our positive view on Chinese telcos has been at least partly predicated on a capex holiday allowing for returns to move higher in the next few years. There has been some pushback on this as the industry moves towards 5G and China's industrial policy priorities could suggests higher spending earlier. </p><p>The Ministry for Industry and Information Technology (MIIT)'s research outfit (the CAICT) recently issued a report on 5G capex in China.  This incorporates long-term projections (out to 2030) for the…</p>

Our positive view on Chinese telcos has been at least partly predicated on a capex holiday allowing for returns to move higher in the next few years. There has been some pushback on this as the industry moves towards 5G and China's industrial policy priorities could suggests higher spending earlier. The Ministry for Industry and Information Technology (MIIT)'s research outfit (the CAICT) recently issued a report on 5G capex in China.  This incorporates long-term projections (out to 2030) for the…

China's 5G Capex. $411bn over 10 Years Is in Line with Our Expectations. The Capex Holiday Is Real.