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New Street: Hong Kong telcos: Downgrade on roaming impact from Covid-19 outbreak
With ~14% of industry mobile service revenues from roaming, the Hong Kong telcos are heavily exposed to the ongoing reduction in travel following the outbreak of Covid-19. Assuming a 25% cut to roaming revenues, HTHK and Smartone would see a 30% and 13% cut to earnings respectively on our estimates.
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New Street Research
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Alastair Jones
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