[ET Net News Agency, 30 July 2020] Goldman Sachs lifted its target price for Hutchison
Telecommunications HK (HutchTel)(00215) to HK$1.46 from HK$1.43 and maintained its
"neutral" rating.
The research house said HutchTel 1H results were above Goldman's estimates mainly from
stringent cost control, and therefore it raised its 2020 full year EBITDA/net income
estimates by 3.5%/13.3%.
Goldman said the improvement in service EBITDA margin mainly came from stringent cost
control as well as the digital transformation initiatives, as total key costs (comprising
customer acquisition costs, staff costs and other operating expenses) was down 10%. (KL)