德银-港股-电信行业-中国电信业：最强者落伍-20170915-Deutsche Bank-Chinese telecom sector：The strongest being left behind.pdfVIP

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德银-港股-电信行业-中国电信业：最强者落伍-20170915-Deutsche Bank-Chinese telecom sector：The strongest being left behind.pdf

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Deutsche Bank Markets Research Asia Industry Date Hong Kong Chinese telecom 15 September 2017 Telecommunications sector Industry Update James Wang The strongest being left behind Research Analyst (+852 ) 2203 6145 james-z.wang@ Solid 1H17 performance for all but no credit given for CM Peter Milliken, CFA The Chinese telcos delivered solid 1H17 results, although this has not been Research Analyst equally reflected in share prices, with CT outperforming the HSI by 3% (+852 ) 2203 6190 following the results and CM underperforming by 2% (adj. for dividend) despite liken@ a slightly better operating performance. The reception to the mixed ownership reform has also been underwhelming, however, we believe the change is Key Changes positive for CU and potentially for the sector as a whole (as some elements of the reform may be introduced to other operators in the future). We continue to Company Target Price Rating see solid growth prospects for the sector and have CM as our top pick as we 0728.HK 5.30 to 5.40(HKD) - believe sentiment and not fun