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02342 COMBA
RTNominal up3.650 +0.040 (+1.108%)
Research Report

19/02/2020 16:26

{I-bank focus}Goldman lifts Comba Telecom (02342) to HK$3.32

[ET Net News Agency, 19 February 2020] Goldman Sachs lifted its target price for Comba
Telecom Systems Holdings (02342) to HK$3.32 from HK$2.6 on earnings revisions. But it also
downgraded its rating to "neutral" from "buy" as it believes the positive thesis is now
reflected in the price.
The research house said its fundamental view that Comba stands at an inflection point
for earnings growth in 2019-21 is unchanged, and the company should benefit from the 5G
capex uptrend and the opportunities in small cells.
Goldman expects 5G base station build in China will be 160k/1mn/1.1mn units in
2019/20/21, bringing 5G antenna demand of 480k/3mn/3.3mn units (each base station
typically has 3 antennas).
With a capex upcycle driven by 5G rollout in 2020 and the ASP increase (+50-100% over 4G
antennas), Goldman expects Comba to deliver 33% antenna revenue growth in 2020. (KL)

Remark: Real time quote last updated: 09/07/2020 17:58
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