Haitong is the first international Chinese investment bank and our goal is to be the primary channel for capital flows into and out of China. During 2015 the Senior Management Team in London was expanded significantly to focus on this objective and to provide a full-service cross-asset markets business coupled with sector-focused investment banking. We work closely with our world-wide network of offices to bring a true depth of understanding to all client situations.
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Konrad Ksiezopolski
- Konrad Ksiezopolski
Polish Telecoms: Subscription model rules
The outbreak of the Coronavirus has forced many countries to take unprecedented steps like keeping people at home for two weeks or more. Such a widespread halt of human, consumer and business activity will obviously have a negative impact on economies and companies but due to the uniqueness of the situation and the uncertainty of where and how long it will go on, it is also very hard to predict the scale of impact on companies’ P&Ls. Polish telcos are one of the sectors that have experienced a...
Konrad Ksiezopolski
- Konrad Ksiezopolski
Asseco Poland: Trust is good but control is better
We keep ACP as a NEUTRAL but lift our FV to PLN 63.2 (from PLN 59.9) as we have added potential synergies from close co-operation with CPS (CPS PW, BUY, PLN 28.5, FV PLN 32) as we expect the tender to end successfully. In our view, the main rationale of the deal for CPS is control of a trusted external IT provider that would predominantly focus on finishing the billing system. The protracted billing contract with Huawei and finally its cancellation was in our view the main reason why CPS approac...
Konrad Ksiezopolski
- Konrad Ksiezopolski
Cyfrowy Polsat: Good KPI momentum
We keep CPS at a BUY and lift our FV to PLN 32 (from PLN 29) on the back of positive KPI and an announced price lift, which should have positive effect on its ARPU and EBITDA in the long term. Thus, we lifted our 20E/21E EBITDA forecasts by 3%/3%. CPS’ long-term fundamental investment story is still the most attractive among the Polish telcos we cover thanks to CPS’ attractive services value chain. CPS’ story remains unchanged with a focus on product bundling through flagship product Smart...
Konrad Ksiezopolski
- Konrad Ksiezopolski
Play Communications: PLAYing smart
We keep Play at a BUY and lift our FV to PLN 37.9 (from PLN 32.5) as a result of 19E/20E/21E EBITDA upgrades of 2%/3%/5%, respectively, coming from very good 3Q19 results which showed the first sign of an ARPU increase (in our view currently the biggest value and EBITDA creator among all Polish telcos). Play has also upgraded its 2019 guidance on EBITDA and FCFE. In our view, no overstaffing and not being an ineffective organisation (like Orange Polska), lack of expensive TV content costs and ex...
Konrad Ksiezopolski
- Konrad Ksiezopolski
Orange Polska: A turnaround...but it's crawling
We cut OPL to SELL from Neutral but lift our FV to PLN 6.0 (from PLN 5.4) as we lift our EBITDaL 19E/20E/21E forecasts by 1%/4%/5% thanks to the faster real estate sale and a positive effect from recent ARPU increases. 3Q19 results were boosted by real estate and the BlueSoft consolidation and showed a few positive points like ARPU stabilization, good FTTX net adds, slowing mobile post-paid churn and further indirect costs optimization. OPL’s share price spiked after Orange’s (ORA FP) Invest...
