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Research Report

25/02/2020 17:47

{I-bank focus}Chinese telcos 2020 5G capex guidance positive

[ET Net News Agency, 25 February 2020] Citi Research cited Chinese domestic media
report saying that each of Chinese telcos in an MIIT teleconference mentioned they would
ensure accomplishing their established 5G development goals for 2020 despite the COVID-19
impact, which indicates regulatory push for 5G spending.
However, the research house said the 5G BTS targets released by each telco of 500k 5G
BTS adds in 2020 in China are lower than Citi's estimates and market expectations.
Citi believes this is positive for Chinese telcos and negative for 5G supply chain
companies, indicating there is a downside risk to Citi's current estimates of 16% growth
in industry total capex in 2020 including the addition of 600k-700k 5G BTS in aggregate in
Lower-than-expected 5G capex also indicates reduced pressure on network opex and tower
rental costs for Chinese telcos. China Mobile's (00941) earnings could have more leverage
than China Unicom (00762)/China Telecom (00728) on 5G capex/opex savings. (KL)

Remark: Real time quote last updated: 29/05/2020 17:58
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