德意志银行-xx行业研究-chinese telecom sector：addressing investor concerns on today’s sell~off-20170705-deutschebank.pdfVIP

Deutsche Bank Markets Research Asia Industry Date Hong Kong Chinese telecom 5 July 2017 Telecommunications sector Industry Update James Wang Addressing investor concerns on Research Analyst (+852 ) 2203 6145 todays sell-off james-z.wang@ Investors concerned about 5G capex, competition and mixed ownership Peter Milliken, CFA We have fielded a number of questions from investors on todays share price Research Analyst declines over concerns around 5G investments, competition, and mixed (+852 ) 2203 6190 ownership. In this note we summarise our key thoughts on each of these liken@ topics. Will 5G investments be significantly higher than 4G investments? Top picks Investors were concerned about the higher 5G capex outlined in the 5G White China Telecom Corp (0728.HK),HKD3.68 Buy Paper released by CAICT (a think-tank for MIIT). While the White Paper also China Unicom (0762.HK),HKD11.26 Buy envisaged a significant increase in revenue from 5G, this was dismissed by China Mobile (0941.HK),HKD82.15 Buy some on the view that capex spend is more certain than monetization. We Source: Deutsche Bank note t