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00552 CHINACOMSERVICE
RTNominal down3.620 -0.020 (-0.549%)
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29/11/2019 15:44

{I-bank focus}Jefferies starts China Com Services at HK$5.05

[ET Net News Agency, 29 November 2019] Jefferies Research initiated coverage on China
Communications Services (CCS)(00552) with a "hold" rating and a target price of HK$5.05.
Despite its effort to diversify into non-telco ICT (information and communications
technology) services, 60% of CCS' revenue still came from Chinese telcos and China Tower
(00788), said the research house.
Jefferies sees it as a beneficiary of China's 5G buildout, but Jefferies'below-consensus
view on China's 5G capex drives our cautious outlook on CCS. It forecast that CCS' telco
revenue would grow at a CAGR of 8.9% from 2019-2022, still up from only 5% from 2016-2019.
For non-telco revenue, it forecast 2019-22 CAGR at 12.4% (down from 22% from 2016-2019).
(KL)

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