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)

<ul><li>The three Chinese telcos will report 2022 results in the coming weeks with China Unicom kicks starting next week on 8 Mar.</li><li>Although their avg. 2023 P/E has recovered markedly to the current level of 9.2x, we believe resilient growth in revenue for industrial internet (or its equivalent), which mainly incl. cloud, internet data center (IDC), IoT, big data, AI, etc., will continue to drive overall revenue and earnings growth and, together with growing payout, their share price performance is expected to be sustained.</li><li>We reiterate our BUY calls on China Mobile / China Unicom / China Telecom with upgraded TPs of HK$75.5 / HK$4.90 / HK$6.90.</li></ul>

The three Chinese telcos will report 2022 results in the coming weeks with China Unicom kicks starting next week on 8 Mar.Although their avg. 2023 P/E has recovered markedly to the current level of 9.2x, we believe resilient growth in revenue for industrial internet (or its equivalent), which mainly incl. cloud, internet data center (IDC), IoT, big data, AI, etc., will continue to drive overall revenue and earnings growth and, together with growing payout, their share price performance is expected to be sustained.We reiterate our BUY calls on China Mobile / China Unicom / China Telecom with upgraded TPs of HK$75.5 / HK$4.90 / HK$6.90.

TMT – Chinese Telcos Resilient Growth to Continue