Nomura_Smartphone Revolution in China

《Nomura_Smartphone Revolution in China》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、Smartphones

2、CHINATELECOMS&TECHNOLOGYNOMURAINTERNATIONAL(HK)LIMITEDLepingHuang,PhD+85222521598leping.huang@nomura.comNEWTHEMEANCHORREPORTTheRMB1,000revolutionStocksforactionTheadventofRMB1,000(circaUS$150)smartphonespromisestorevolutioniseWebelievethemarkethasyettoChi

3、na’stelecomindustryandtheglobalhandsetspace.Aswellasdriving3GrecogniseTCLComasakeysubscribergrowthinChina,weexpecttheavailabilityofaffordable,capableentry-levelbeneficiaryofthegrowingpopularityofsmartphonestoleadtoconsolidationinthedomestichandsetindustry,sincesmalls

4、ocialnetworkservices(SNS)inwhite-boxvendorsdon’thaveareliableupgradepathto3GfromeitherachipsetemergingmarketsorBYDEasaproxysourcingorproductdistributionstandpoint.Moreover,wethinkthesephoneswillhelpforChina3Gsubscribergrowth.ChinesehandsetOEMsmoveuptothemid-rangeprod

5、uctsegment,pavingthewayforafurtherconvergenceintheirvaluationsrelativetohandsetbrandvendors.WePriceStockRatingPricetargetforecastthatChina’ssmartphonemarketwillexpandfrom20mnunitsin2010FtoTCLCom(2618HK)BUY*HK$8.08HK$11.0062mnin2012F,makingittheworld’ssecond-largestsm

6、artphonemarket(aftertheUS)BYDElectronic(285HK)BUYHK$5.13HK$6.00byvolume.WehighlightabroadspectrumofbeneficiariesfromthearrivalofChinaWireless(2369HK)NEUTRAL*HK$4.60HK$4.50DigitalChina(861HK)NEUTRAL*HK$16.04HK$17.00smartphonesforthemasses:handsetvendorssuchasBYDE,TCLC

7、om,ZTEandZTE(763HK)BUYHK$29.95HK$36.00HTC,alongwithretailerGome.Qualcomm,ChinaWirelessandDigitalChinaalsolookHTC(2498TT)BUYNT$894NT$1,000settobenefit,thoughweviewprevailingvaluationsasfair.WeseeMediaTekasaGome(493HK)BUYHK$2.89HK$4.30potentialloserfromthe2G-to-3Gtrans

8、ition.Qualcomm(QCOMUS)NEUTRALUS$51.33US$45.00MediaTek(2454TT)REDUCENT$398NT$275*Initiatingcoverage;pricesasat20JancloseChinatobethesecond-largestsmartphonemarketby2012FAnalystsAndroidtospurconvergenceofhandsetbrandvendorsandOEMsLepingHuang,PhD+852225215983Gtransit

9、iontoconsolidateChinesehandsetindustryleping.huang@nomura.comNomuraAsia-ex-JapanResearchToppicks:TCLCom,BYDENomuraU.S.ResearchNomu