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RTNominal down4.370 -0.050 (-1.131%)
Research Report

03/03/2021 17:46

{I-bank focus}Morgan cuts China Com Service to HK$4.8

[ET Net News Agency, 3 March 2021] Morgan Stanley lowered its target price for China
Communication Service (CCS) (00552) to HK$4.8 from HK$6.5 and maintained its "overweight"
The research house forecasted CCS's 2H 2020 revenue to recover to Rmb67.9bn (up 10.6%),
largely in-line with 2H 2019 growth. ACO (applications, content and other services)
business continues to outgrow at 16%. The gross margin declined by 0.4ppt to 11.6% due to
a change in revenue mix. Morgan estimated a net profit of Rmb1.6bn (+18%).
Morgan sees CCS as one of the key beneficiaries of the 5G capex cycle. It forecasted
Chinese telcos' capex to pick up from 2020, and then enter a three-year upcycle, driving
CCS's earnings growth. (KL)

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