New Street Research - China Mobile (941 HK) ... New Street: Chinese Telcos: Hitting 5G customer targets may require subsidies or tariff cuts

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New Street Research

Chris Hoare

New Street: Chinese Telcos: Hitting 5G customer targets may require subsidies or tariff cuts

Strong early adoption of 5G has faded sharply with Covid-19 which means that in order to hit 5G customer targets, the Chinese telcos probably need to introduce subsidies, or tariff cuts or other support measures with a potential substantial impact to 2020 profits.

12/03/2020 3 EN

Underlyings

China Mobile

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China Tower Corp Ltd

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China Unicom

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

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Pan European Telecom Services and Cable

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Analysts

Chris Hoare

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New Street: Chinese Telcos: Hitting 5G customer targets may require subsidies or tariff cuts

Chinese Telcos & Towers Outlook 2024 – Expect another good year for the telcos

EM Telcos Q3 23: Faster again

Chinese Telcos Q3 23 review: Outperformance by China Mobile

Bible 1Q24 – Foundries: leading-edge strong; Trailing-edge correction playing out.

VEON (Buy, TP: $40, +55%) Thoughts after the call

Reddit (RDDT, Neutral, $54 target) Data licensing tracking our base case after OpenAI deal

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