TC

12/09/2019 16:31

{I-bank focus}Nomura lowers China Com Services to HK$5.8

[ET Net News Agency, 12 September 2019] Nomura lowered its target price for China
Communications Services (CCS)(00552) to HK$5.8 from HK$7.2 and maintained its "buy"
rating.
The research house lowered its forecast for total 2019-2025 capex by the three telcos in
China by CNY280bn, or 11%, given China Unicom (00762) and China Telecom's (00728)
partnership to roll out 5G BTS nationwide.
Total demand for the telecom infrastructure construction and the maintenance business
might decline but the impact on CCS should be limited, as it looks better positioned to
take market share from Unicom.
Nomura cut 2019-2021 revenue forecasts by 4-11% to reflect the lower demand from
operators, and its earnings forecasts for the same period reduced by 5-11%. (KL)

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