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1、DeutscheBankMarketsResearchAsiaIndustryDateHongKongChinesetelecom15September2017TelecommunicationssectorIndustryUpdateJamesWangThestrongestbeingleftbehindResearchAnalyst(+852)22036145james-z.wang@db.comSolid1H17performanceforallbutnocreditgivenforCMPeterMilliken,CFATheC
2、hinesetelcosdeliveredsolid1H17results,althoughthishasnotbeenResearchAnalystequallyreflectedinshareprices,withCToutperformingtheHSIby3%(+852)22036190followingtheresultsandCMunderperformingby2%(adj.fordividend)despitepeter.milliken@db.comaslightlybetteroperatingperformanc
3、e.Thereceptiontothemixedownershipreformhasalsobeenunderwhelming,however,webelievethechangeisKeyChangespositiveforCUandpotentiallyforthesectorasawhole(assomeelementsofthereformmaybeintroducedtootheroperatorsinthefuture).WecontinuetoCompanyTargetPriceRatingseesolidgrowthp
4、rospectsforthesectorandhaveCMasourtoppickaswe0728.HK5.30to5.40(HKD)-believesentimentandnotfundamentalshasbeendrivingitsshareprice.0941.HK114.00to-112.00(HKD)SentimentnotfundamentalsdrivingCM’ssharepriceSource:DeutscheBankCMdeliveredthestrongestunderlying2Qresults,withEB
5、ITDAup6.2%YoY,supplementedbyasubstantialspecial,whichshouldtakeitsfull-yearpayoutToppicksto~100%.However,themarketseemstohavelargelymovedon,givingnoChinaTelecomCorp(0728.HK),HKD3.98Buycreditfortheoperationalperformanceandpotentialfuturepayouts,leavingitsChinaUnicom(0762
6、.HK),HKD11.06Buyyear-to-datetotalshareholderreturnof5.5%worsethantheappreciationinChinaMobile(0941.HK),HKD80.85BuyRMB(~7%vs.HKD).CMnowtradesat12.3xFY17P/E,1.3P/EpointsbelowSource:DeutscheBankCT(9.3xadj.forcash),whichistoocheapvs.theregionalincumbents.WedonotseeCMasavalu
7、etrapgivenitsstrongmarketpositionandretainitasourCompaniesFeaturedtoppick,followedbyCUandCT.ChinaTelecomCorp(0728.HK),HKD3.98BuyDatamonetizationmaybecomeharderbutthiswon’tderailsectorgrowth2016A2017E2018EDespitetheintroductionofunlimiteddataplansatthebeginningoftheyear,
8、P/E(x)14.613.712.6mobilerevenueremainsrobust,withgrowthactuallypickingupto6.6%in2QEV/EBITDA(x)3.73.73.4from5.4