New Street Research - China Mobile (941 HK) ... New Street: Accelerating Chinese 5G demand: Bearish telcos, bullish China Tower

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New Street Research

Chris Hoare

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New Street: Accelerating Chinese 5G demand: Bearish telcos, bullish China Tower

Chinese 5G demand is accelerating. Current run rate suggest 150-200m 5G customers by y/e 2020. We doubt this is consistent with current capex plans which imply c. 20% 5G coverage, implying higher capex than currently guided. Positive for China Tower, but negative for the MNOs.

13/12/2019 2 EN

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China Mobile

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CHINA TELECOM CORP LTD-H

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China Unicom

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New Street Research

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Analysts

Chris Hoare

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New Street: Accelerating Chinese 5G demand: Bearish telcos, bullish China Tower

Chinese Telcos & Tower Outlook 2025: Expect performance to continue, switch to Unicom

Chinese Telcos Q3 24 review: Macro continues to impact the top line

Chinese Telcos Q2 24 review: Strong earnings despite softer topline; rising dividends

Televisa (Neutral, TP: $2.3, -20%) Q4 25: Mixed quarter; Fibre upgrade; Dividend suspended; Potential capital increase

AMZN: OpenAI deal expands AWS top model offerings

SBA Communications 4Q25 Results & Model Update

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