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02342 COMBA
RTNominal down2.200 -0.040 (-1.786%)
Research Report

18/03/2021 18:01

{I-bank focus}Goldman cuts Comba (02342) to HK$2.47

[ET Net News Agency, 18 March 2021] Goldman Sachs cut its target price for Comba
Telecom Systems (02342) to HK$2.47 from HK$2.53 and maintained its "neutral" rating.
The research house raised its revenue estimates by 2% and net profit estimate by 8% for
2021 in conjunction with its revision in 5G BTS (base transceiver station) volume.
Goldman expects 400k 5G base stations in 2021, which will translate into 1.2mn antenna
units (each base station typically is equipped with three antennas). Comba captured a
25-30% market share in China's 4G antenna market, and Goldman factored in a 30% market
share for Comba in the low-spec (8TR/4TR) antennas in China.
It raised its revenue and net profit forecasts by 2% and 8% for 2021, respectively. For
2022, Goldman lowered its revenue and net profit estimates by 5% and 12% driven by lower
5G massive MIMO antenna shipments. (KL)

Remark: Real time quote last updated: 20/10/2021 17:59
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