[ET Net News Agency, 29 August 2019] Goldman Sachs lowered its target price for China
Communication Services (CCS)(00552) to HK$5.1 from HK$5.9 and maintained its "neutral"
rating.
The research house said CCS's 1H revenue/gross profit/net income represent 48%/41%/51%
of Goldman's FY2019 estimates. Revenue is in line while gross profit/net income are below
its expectations.
Goldman kept its revenue forecast unchanged but cut its 2019-21 earnings forecasts by
5%-15% on lower gross margin assumptions. (KL)