Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Research from Quam Securities

Research from Quam Securities, Quam Securities

Quam Securities Research

Equity Bottom-Up

<ul><li>Although China Telecom’s (CT) 3Q results slightly disappointed, which was due to slower growth in mobile and industrial digitization, we believe the underlying growth momentum remains on the back of steady 5G growth in the industry.</li><li>We have lowered our earnings forecasts and TP (HK$3.80), which reflects both slower than expected revenue growth as well as a lowered FX assumption for the RMB.</li><li>However, we believe the company’s valuation and dividend yld remains attractive and justify our BUY call with a potential upside of 37%. </li></ul>

Although China Telecom’s (CT) 3Q results slightly disappointed, which was due to slower growth in mobile and industrial digitization, we believe the underlying growth momentum remains on the back of steady 5G growth in the industry.We have lowered our earnings forecasts and TP (HK$3.80), which reflects both slower than expected revenue growth as well as a lowered FX assumption for the RMB.However, we believe the company’s valuation and dividend yld remains attractive and justify our BUY call with a potential upside of 37%. 

China Telecom (728 HK) - Earnings Revision - A Slight Disappointment in 3Q

China Telecom (H)

China Telecom (728 HK) - Earnings Revision - A Slight Disappointment in 3Q