[ET Net News Agency, 24 August 2020] Goldman Sachs raised its target price for Comba
Telecom Systems Holdings (02342) to HK$2.96 from HK$2.8 and maintained its "neutral"
rating.
The research house said Comba saw 1H revenue (-19%) and net profit (-35%) decline,
contrary to most suppliers across the 5G telecom supply chain that are enjoying robust
growth driven by 5G rollout.
Management attributed the decline to (1) 4G antenna sales decline, and (2) 5G antenna
tenders for 700MHz/2.1GHz) delayed into 2H. With new 5G antenna tenders and small cell
tenders in 2H and 2021 respectively, per Comba, management guided to a better growth
outlook in 2H and 2021 than 1H 2020.
Within the weak 1H results, a positive sign Goldman took away is the continuous margin
improvement. It revised down its net profit estimates by 42%/5%/18% in 2020/21/22. (KL)
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02342 COMBA
Nominal 
0.540 +0.040 (+8.000%) Research Report
24/08/2020 17:39
{I-bank focus}Goldman raises Comba (02342) to HK$2.96
| Remark: | Real time quote last updated: 26/04/2024 18:00 |
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