[ET Net News Agency, 15 February 2018] Citi Research trimmed its target price for
Smartone Telecommunications (00315) to HK$11 from HK$12, and reiterated its "buy" rating.
The research house said Smartone's 1H FY2018 net profit of HK$328m was 7% lower than
Citi estimates. Total revenues declined by 23.5% yoy, and service revenue declined by
5.7%. Lack of flagship smartphone and intensified competition contributed to revenue and
earnings decline.
Citi cut its FY2018-20 earnings by 8-10% each year mainly on lower revenue assumptions.
(KL)