[ET Net News Agency, 29 October 2019] Nomura cut its target price for ZTE Corporation
(00763) to HK$24 from HK$28 and downgraded its rating to "neutral" from "buy".
The research house thinks the weakness in ZTE's 3Q is mainly attributable to the demand
gap between the investment cycles of 4G and 5G. Nomura cut its 2019-21 revenue forecasts
by 2-7% and earnings forecasts by 5-7% to reflect the temporary margin pressure faced by
ZTE in the carrier business.
It prefers China Tower (00788) in the China 5G supply chain space. But Nomura thinks
demand should recover in 2020 with 5G BTS net adds of 628k units. (KL)
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00763 ZTE
Nominal 
15.640 -0.260 (-1.635%) Others
29/10/2019 11:33
{I-bank focus}Nomura downgrades ZTE Corp (00763) to HK$24
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