德意志银行-xx电信：重组？-20170605-deutschebank.pdfVIP

Deutsche Bank Markets Research Asia Industry Date China Chinese Telecoms 5 June 2017 Telecommunications Industry Update Peter Milliken, CFA Shake up? Research Analyst (+852 ) 2203 6190 liken@ SOE reform may be coming James Wang Delays in Unicom signing on internet companies as investors, suggests a more Research Analyst complicated deal may be getting hammered out. We believe April 6th reports (+852 ) 2203 6145 of CBN and CITIC entering the deal makes intuitive sense, and fits well with james-z.wang@ SOE reform and three network convergence. Furthermore, divergence in capex spend suggests a more complex change may be at hand. We look into Top picks this scenario, and believe it will skew value in CU and CTs direction, but dilution may water down gains. While not our base case, it seems a solid China Telecom Corp (0728.HK),HKD3.85 Buy possibility. Source: Deutsche Bank Why structural change should be considered Reasons that make