Wind Tre's Full-Year Profit in Line, Reflecting Competition, No Change to CK Hutchison FVE
Wind Tre's fourth-quarter performance continues to reflect a fairly competitive Italian mobile market ahead of the entry of Iliad. Although reported profit was within expectation, translating to HKD 800 million to be recorded in CK Hutchison's 2017 profit when it reports in mid-March, we are likely to finetune our mobile service revenue assumptions for Wind Tre lower. Overall, the numbers don't change our view for Wind Tre to lose mobile market share over the next few years. We see little impact...
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