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>According to news reports, the three Chinese telcos are cutting staff costs, which account for ~27% of service opex ex-depreciation and amortization.</li><li>Incl. D&amp;A, staff costs account for ~20% of total service opex.</li><li>While the news reports suggested that some of the staff’s total pay could be halved, we believe any adjustments would be substantially less than that.</li></ul>

According to news reports, the three Chinese telcos are cutting staff costs, which account for ~27% of service opex ex-depreciation and amortization.Incl. D&amp;A, staff costs account for ~20% of total service opex.While the news reports suggested that some of the staff’s total pay could be halved, we believe any adjustments would be substantially less than that.

TMT – Chinese Telcos Trimming Staff Costs