New Street Research - CHINA TELECOM CORP LTD-H (728) ... New Street: Quick Hit: Whatâ€™s driving the Chinese Telcos?

Report

New Street Research

Chris Hoare

New Street: Quick Hit: Whatâ€™s driving the Chinese Telcos?

Having been under pressure for the last 18-24 months, and sharply underperforming the recent market rally, Chinese Telcos have suddenly started to perform, with China Unicom for instance up 15% in the last week.

06/07/2020 2 EN

Underlyings

CHINA TELECOM CORP LTD-H

See profile

China Tower Corp Ltd

See profile

China Unicom

See profile

Provider

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.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

See profile

Analysts

Chris Hoare

Other Reports on these Companies

New Street Research

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

2023 was another decent year for the telcos largely driven by Enterprise. Stocks (especially China Mobile and Telecom) outperformed the weak local index. We expect trends to last through 2024 with good revenue growth and reducing margin pressure and the potential for shareholder remuneration to surprise

EUR 9337.00

January 5, 2024 January 5, 2024 1 EN

New Street Research

Chinese Telcos Q3 23 review: Outperformance by China Mobile

Chinese operators delivered better growth led by Enterprise and improvements in both mobile and broadband. Amongst the three, China Mobile’s is now outperforming on a YTD basis, while China Unicom witnessed an apparent slowdown.

EUR 9337.00

November 3, 2023 November 3, 2023 1 EN

New Street Research

China Tower (Buy, TP: HKD 1.7, +136%) Q3 23 Quick Take: Better overall; robust bottom line again

China Tower reported another robust set of figures with good bottom-line growth, supported by an improvement in topline and EBITDA. YTD net profit has grown 14.8% YoY, against consensus’ 8.9% growth for the full year. Despite the recent margin pressure associated with its higher-growth Two Wings business, net profit growth has remained strong on lower depreciation and finance costs.

EUR 9337.00

October 19, 2023 October 19, 2023 1 EN

CMCSA: quick thoughts following the call

What's new: in this note we cover our thoughts on Broadband market growth, the strength in Broadband market pricing, the impact of ACP, our expectations for Comcast’s net adds and ARPU in 2Q24 and the second half of the year, the impact of the “Now” products, the outlook for Connectivity EBITDA, and our expectations for leverage and repurchases. We are still working through numbers for Content & Experiences, and we will cover these in our Model Update note at the end of the day.

EUR 9337.00

3h / 24m 3h / 24m 1 EN

Jonathan Chaplin

Jonathan Chaplin

T-Mobile Quick Hit: Fiber JV Announced

What's new: T-Mobile has entered into a joint venture with EQT’s sixth Infrastructure Fund which will buy Lumos Networks from EQT’s third Infrastructure Fund. The details generally align with what was leaked a bit over a month ago by Handelsblatt. We also hosted Lumos at our recent Fiber conference.

EUR 9337.00

5h / 51m 5h / 51m 1 EN

Jonathan Chaplin

Jonathan Chaplin

CMCSA 1Q24 Quick Take - Results mostly in-line

What’s new: Revenue and EBITDA were roughly in-line, while FCF beat handily on lower capex, cash taxes, and interest. Leverage inched down. Repurchases were higher than our estimate, but lower than consensus. Connectivity financials were fine, but subscriber metrics a little worse than expected. Content financials were similarly fine, with better Media OCF offsetting softer Theme Parks OCF. We suspect the FCF beat is largely due to timing and full year estimates are unlikely to move much. Context on broadband market trends will be important, though we don’t expect clarity with these results, p...

EUR 9337.00

7h / 38m 7h / 38m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

New Street: Quick Hit: Whatâ€™s driving the Chinese Telcos?

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

Chinese Telcos Q3 23 review: Outperformance by China Mobile

China Tower (Buy, TP: HKD 1.7, +136%) Q3 23 Quick Take: Better overall; robust bottom line again

CMCSA: quick thoughts following the call

T-Mobile Quick Hit: Fiber JV Announced

CMCSA 1Q24 Quick Take - Results mostly in-line

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe