reports
- Chris Hoare
Chinese Telcos Q4 23 review: Outperformance by China Telecom; bullish...
China Telecom was the clear outperformer for service revenue growth this quarter and for the full year too, driven by an acceleration in Enterprise. Industry EBITDA trend was less upbeat in Q4 as China Mobile and Unicom declined. Both capex and dividend guidance were bullish; industry capex expected to lower by 5% while payout is expected to trend above 75% over the next three years (by 2026) for China Mobile and China Telecom.
- MarketLine Department
Motorcycles in Turkey
Summary Motorcycles in Turkey industry profile provides top-line qualitative and quantitative summary information including: market size (value 2017-21, and forecast to 2026). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market. Key Highlights - The motorcycles market consists of all classes of on- and off-road motorcycles including scooters and mopeds. - The Turkish motorcycles market had total ...
With a more favourable environment, CHINA MOBILE improves to Positive
CHINA MOBILE (HK), a company active in the Mobile Telecommunications industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date January 7, 2022, the closing price was HKD 49.70 and its potential was es...
- MarketLine Department
Motorcycles in India - Market Summary, Competitive Analysis and Foreca...
Motorcycles in India - Market Summary, Competitive Analysis and Forecast to 2025 Summary Motorcycles in India industry profile provides top-line qualitative and quantitative summary information including: market size (value 2016-20, and forecast to 2025). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market. Key Highlights - The motorcycles market consists of all classes of on- and off-road motor...
- Dan Baker
Morningstar | China Mobile Reports In-Line 1Q Result With Some Recover...
China Mobile’s first-quarter summary result was in line with our expectations, with service revenue down 0.5%, earnings before interest, tax, depreciation, and amortization up 4.3%, and net profit down 8.1%. China Mobile implemented a new accounting standard relating to leases, which decreases operating expenses and increases depreciation and amortization, so the EBITDA increase was partly driven by this accounting change. We therefore see the net profit decline as more indicative of the under...
- Dan Baker
Morningstar | China Mobile Reports In-Line 1Q Result With Some Recover...
China Mobile’s first-quarter summary result was in line with our expectations, with service revenue down 0.5%, earnings before interest, tax, depreciation, and amortization up 4.3%, and net profit down 8.1%. China Mobile implemented a new accounting standard relating to leases, which decreases operating expenses and increases depreciation and amortization, so the EBITDA increase was partly driven by this accounting change. We therefore see the net profit decline as more indicative of the under...
- Dan Baker
Morningstar | 00941 Updated Forecasts and Estimates from 24 Apr 2019
China Mobile’s first-quarter summary result was in line with our expectations, with service revenue down 0.5%, earnings before interest, tax, depreciation, and amortization up 4.3%, and net profit down 8.1%. China Mobile implemented a new accounting standard relating to leases, which decreases operating expenses and increases depreciation and amortization, so the EBITDA increase was partly driven by this accounting change. We therefore see the net profit decline as more indicative of the under...
- Dan Baker
Morningstar | China Mobile Reports In-Line 1Q Result With Some Recover...
China Mobile’s first-quarter summary result was in line with our expectations, with service revenue down 0.5%, earnings before interest, tax, depreciation, and amortization up 4.3%, and net profit down 8.1%. China Mobile implemented a new accounting standard relating to leases, which decreases operating expenses and increases depreciation and amortization, so the EBITDA increase was partly driven by this accounting change. We therefore see the net profit decline as more indicative of the under...
- Dan Baker
China Mobile Reports In-Line 1Q Result With Some Recovery in Market Sh...
China Mobile’s first-quarter summary result was in line with our expectations, with service revenue down 0.5%, earnings before interest, tax, depreciation, and amortization up 4.3%, and net profit down 8.1%. China Mobile implemented a new accounting standard relating to leases, which decreases operating expenses and increases depreciation and amortization, so the EBITDA increase was partly driven by this accounting change. We therefore see the net profit decline as more indicative of the under...
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
Add exposure to Technology, Communications We view weakness over the past week as correcting a significant amount of the excess optimism that was baked-in to global equities. As a result, we recommend taking advantage of the pullback by adding exposure to our favorite areas - namely Technology. Our overall outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward. • Index overviews: MSCI ACWI ex-US, MSCI EM, ...
4966 PARADE TECHNOLOGIES
3105 WIN SEMICONDUCTORS CORP.
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
2324 COMPAL ELECTRONICS INC.
3044 TRIPOD TECHNOLOGY CORP.
2308 DELTA ELECTRONICS INC.
3673 TPK HOLDING CO. LTD.
2408 NANYA TECHNOLOGY CORPORATION
VIV VIVENDI SE
CETV CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. CL A
00941 CHINA MOBILE LIMITED
TLS TELSTRA CORPORATION LIMITED
SOI SOITEC SA
9405 ASAHI BROADCASTING
2376 GIGA-BYTE TECHNOLOGY CO. LTD.
5434 TOPCO SCIENTIFIC CO. LTD.
VRL VILLAGE ROADSHOW
2383 ELITE MATERIAL
6750 ELECOM
NOS NOS SGPS SA
3706 MITAC HOLDINGS
603328 GUANGDONG ELLINGTON ELECTRONICS TECHNOLOGY (A)
6965 HAMAMATSU PHOTONICS K.K.
3005 GETAC TECHNOLOGY
2328 PAN-INTERNATIONAL INDUSTRIAL CORP.
9605 TOEI COMPANY LTD.
8035 TOKYO ELECTRON LTD.
8081 GLOBAL MIXED-MODE TECHNOLOGY INC.
00700 TENCENT HOLDINGS LTD.
TL5 MEDIASET ESPANA COMUNICACION SA
ASML ASML HOLDING NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
SCH SCHIBSTED ASA CLASS A
- Dan Baker
Morningstar | China Mobile Reports Weak Full-Year Result, Particularly...
China Mobile’s 2018 result was below our expectation with underlying service revenue down 3.7%. While the company reported EBITDA up 1.9% and net profit up 3.1%, we note that operating cash flow was down around 16%, the second year in a row that operating cash flow has declined despite reported earnings growth. We retain our narrow moat rating on the stock but reduce our fair value estimate to HKD 97 (USD 61) from HKD 105 per share (USD 66 per ADR) on reduced earnings forecasts despite a sligh...
- Dan Baker
Morningstar | China Mobile Reports Weak Full-Year Result, Particularly...
China Mobile’s 2018 result was below our expectation with underlying service revenue down 3.7%. While the company reported EBITDA up 1.9% and net profit up 3.1%, we note that operating cash flow was down around 16%, the second year in a row that operating cash flow has declined despite reported earnings growth. We retain our narrow moat rating on the stock but reduce our fair value estimate to HKD 97 (USD 61) from HKD 105 per share (USD 66 per ADR) on reduced earnings forecasts despite a sligh...
- Dan Baker
China Mobile Reports Weak Full-Year Result, Particularly Cash Flow; FV...
China Mobile’s 2018 result was below our expectation with underlying service revenue down 3.7%. While the company reported EBITDA up 1.9% and net profit up 3.1%, we note that operating cash flow was down around 16%, the second year in a row that operating cash flow has declined despite reported earnings growth. We retain our narrow moat rating on the stock but reduce our fair value estimate to HKD 97 (USD 61) from HKD 105 per share (USD 66 per ADR) on reduced earnings forecasts despite a sligh...
- Dan Baker
China Mobile Now Fighting Resurgent Mobile Competitors
China Mobile’s subscriber numbers over 2018 and January 2019 showed trends from recent years of increased competition in the mobile market continuing, but China Mobile dominating the fixed line broadband market. In the three years from 2014 to 2016, post the introduction of 4G, China Mobile added 67% of total new mobile customers and China Unicom only added 9%. However, over 2017 and 2018, China Mobile added only 39% of new mobile customers while China Telecom’s share jumped to 38% and China...
- Dan Baker
Morningstar | China Mobile Seeing Increased Mobile Competition but Con...
China Mobile’s subscriber numbers over 2018 and January 2019 showed trends from recent years of increased competition in the mobile market continuing, but China Mobile dominating the fixed line broadband market. In the three years from 2014 to 2016, post the introduction of 4G, China Mobile added 67% of total new mobile customers and China Unicom only added 9%. However, over 2017 and 2018, China Mobile added only 39% of new mobile customers while China Telecom’s share jumped to 38% and China...
- Dan Baker
Morningstar | China Mobile Seeing Increased Mobile Competition but Con...
China Mobile’s subscriber numbers over 2018 and January 2019 showed trends from recent years of increased competition in the mobile market continuing, but China Mobile dominating the fixed line broadband market. In the three years from 2014 to 2016, post the introduction of 4G, China Mobile added 67% of total new mobile customers and China Unicom only added 9%. However, over 2017 and 2018, China Mobile added only 39% of new mobile customers while China Telecom’s share jumped to 38% and China...
- Dan Baker
China Mobile Seeing Increased Mobile Competition but Continuing to Dom...
China Mobile’s subscriber numbers over 2018 and January 2019 showed trends from recent years of increased competition in the mobile market continuing, but China Mobile dominating the fixed line broadband market. In the three years from 2014 to 2016, post the introduction of 4G, China Mobile added 67% of total new mobile customers and China Unicom only added 9%. However, over 2017 and 2018, China Mobile added only 39% of new mobile customers while China Telecom’s share jumped to 38% and China...
- Dave Nicoski
- Ross LaDuke
Int'l Macro Vision: Global Ex-U.S. Equity Strategy
In our January 31 International Compass we presented a case for an incrementally improving overall global outlook, with the caveat that market bottoms tend to be a process that develops over many weeks. Since the end of January, not a lot has changed to alter our views. We remain constructive overall and continue to believe that global equities (MSCI ACWI) are going through a bottoming process. Opportunities exist but Sector leadership is mixed. In our February International Strategy, we explor...
EDF ELECTRICITE DE FRANCE SA
RI PERNOD RICARD SA
M04 MGM CHINA HOLDINGS LIMITED
RCO REMY COINTREAU SA
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
CPX. CAPITAL POWER CORPORATION
STCK STOCK SPIRITS GROUP
00941 CHINA MOBILE LIMITED
RWE RWE AG
ACE ACEA S.P.A.
ASM ASM INTERNATIONAL N.V.
007810 KOREA CIRCUIT
2282 NH FOODS LTD.
00296 EMPEROR ENTERTAINMENT HOTEL LTD.
CPR DAVIDE CAMPARI-MILANO N.V.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00288 WH GROUP LTD. (HK)
002746 SHANDONG XIANTAN (A)
603338 ZHEJIANG DINGLI MACHINERY CO. LTD. CLASS A
600886 SDIC POWER HOLDINGS CO. LTD. CLASS A
000660 SK HYNIX INC
00027 GALAXY ENTERTAINMENT GROUP LIMITED
D4D DONGFENG MOTOR GROUP CO. LTD. CLASS H
ZEP ZESPOL ELEKTROWNI PATNOW ADAMOW KONIN
002714 MUYUAN FOODS CO. LTD. CLASS A
01038 CK INFRASTRUCTURE HOLDINGS LIMITED
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
Global indexes approaching major resistance Broad global indexes are bumping up against logical downtrend resistance. As a result, our outlook remains cautious and our baseline expectation for continued downward pressure on global equities remains intact. At the same time, we are seeing signs that the worst of the declines may be behind us as global cyclical Sectors show RS improvements while defensive Sectors display early signs of RS deterioration. • Regional/Country Overview. The U.S., E...
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
NEH NETEASE INC. SPONSORED ADR
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
6285 WISTRON NEWEB CORP.
NOKIA NOKIA OYJ
00941 CHINA MOBILE LIMITED
DTE DEUTSCHE TELEKOM AG
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
600118 CHINA SPACESAT CO. LTD. CLASS A
01045 APT SATELLITE
000851 GOHIGH DATA NETWORKS TECHNOLOGY (A) (SC SZ)
600198 DATANG TELECOM TECHNOLOGY (A)
GLO GLOBE TELECOM INC.
SPK SPARK NEW ZEALAND LIMITED
603118 SHENZHEN GONGJIN ELECTRONICS (A)
5031 TIME DOTCOM BHD
00728 CHINA TELECOM CORP. LTD. CLASS H
01883 CITIC TELECOM INTERNATIONAL HOLDINGS
002148 BEIJING BEWINNER COMMUNICATIONS (A)
RTKM ROSTELECOM PJSC
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
002792 TONGYU COMMUNICATION (A)
00700 TENCENT HOLDINGS LTD.
TIMP3 TIM SA (BRAZIL)
TELIA TELIA COMPANY AB
TEF TELEFONICA SA
HTHT HUAZHU GROUP LTD. SPONSORED ADR
- Dave Nicoski
- Ross LaDuke
Global Equity Strategy
Global equities (MSCI ACWI) are testing 52-week lows as prices have been consolidating over the last 1-2 months. Investors' primary sources of angst continue to revolve around concerns of (1) the global shift toward tighter monetary policy and the potential for perceived policy missteps, (2) trade and tariffs, and (3) the potential negative effects both (1) and (2) may have on global growth. Comments from Fed Chair Powell that interest rates are “just below†the neutral rate and the 90-day t...
EDF ELECTRICITE DE FRANCE SA
NOVN NOVARTIS AG
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
BCE. BCE INC.
00941 CHINA MOBILE LIMITED
ORSTED ORSTED
SAN SANOFI
DTE DEUTSCHE TELEKOM AG
9974 BELC
2607 FUJI OIL HOLDINGS INC.
9508 KYUSHU ELECTRIC POWER COMPANY INCORPORATED
002746 SHANDONG XIANTAN (A)
603338 ZHEJIANG DINGLI MACHINERY CO. LTD. CLASS A
7476 AS ONE CORP.
2801 KIKKOMAN CORPORATION
2613 J-OIL MILLS INC.
9506 TOHOKU ELECTRIC POWER COMPANY INCORPORATED
8129 TOHO HOLDINGS CO. LTD.
00270 GUANGDONG INVESTMENT LIMITED
8279 YAOKO CO. LTD.
TRN TERNA S.P.A.
601186 CHINA RAILWAY CONSTRUCTION CORPORATION LIMITED CLASS A
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
002714 MUYUAN FOODS CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
AZN ASTRAZENECA PLC
RCI/A ROGERS COMMUNICATIONS INC. CL A
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