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

Thematic (Sector/Industry)

Hong kong It / Thematic (Sector/Industry)

<div><div><div><div><ul><li>The 3 Chinese telcos may not be renamed to China Computing anytime soon but it is computing that drives them forward.</li><li>Based on our latest forecasts, cloud, which is one of the key elements of computing services they offer, would contribute 20% of their combined revenue by 2025, up from 9% in 2022.</li><li>Among them, our top BUY is China Unicom, which has the best valuation-to-growth profile with a PEG of 0.51x. Our revised TP of HK$7.20 for CU offers 25% upside. </li></ul></div></div></div></div>

The 3 Chinese telcos may not be renamed to China Computing anytime soon but it is computing that drives them forward.Based on our latest forecasts, cloud, which is one of the key elements of computing services they offer, would contribute 20% of their combined revenue by 2025, up from 9% in 2022.Among them, our top BUY is China Unicom, which has the best valuation-to-growth profile with a PEG of 0.51x. Our revised TP of HK$7.20 for CU offers 25% upside. 

TMT – Chinese Telcos China Computing