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00762 CHINA UNICOM
RTNominal down4.490 -0.050 (-1.101%)
Research Report

05/03/2020 17:55

{I-bank focus}GS cuts estimates for China telecom services

[ET Net News Agency, 5 March 2020] Goldman Sachs lowered its 2020 revenue estimates for
China Mobile (CM)(00941)/China Telecom (CT)(00728)/China Unicom (CU)(00762) by
5.3%/3.2%/3.1% to factor in potential impact from COVID-19.
In turn, the research house's 2020 EPS estimates for CM/CT/CU were lowered by
12%/9.6%/9.5%. Their 2021/22 EPS estimates were adjusted slightly.
The target prices for CM reduced to HK$64 from HK$66, for CT cut to HK$3.9 from HK$4,
and for CU lowered to HK$9 from HK$9.4. Goldman maintained its "buy" calls on CT and CU,
and "neutral-rated" on CM.
It believes in a defensive industry such as telcos, likely only near-term activities
will be affected by the virus. As the health environment returns to normal over time,
activities in both consumer business and enterprise business should gradually recover back
to normal as Goldman believes over the medium to long term, demand for more data at higher
speed won't change. (KL)

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