National Ministry of industry and information technology recently announced the 3G of business in the Mainland. According to statistics, by the end of February, 3G largest 16.06 million households in China, China Mobile TD-SCDMA user most of them. With three Chinese Telecom stocks "report cards" have been released as well as the recently published statistics to improve, the sector has been gradually stabilized yesterday, beat Hong Kong stocks as a whole. To close, China Mobile (00941.HK) increased by HK $ 1.14% at 75.5 China Unicom also gained 1.14% to HK $; Telecom increases slightly raised, 1.83%, closing at HK $ 3.9.
1 -move the lead-3G
According to the Ministry, added 3G users of 1.52 million for February families in our country. Until the end of the month, 3G cumulative reach 16.06 million users in China. From moving 6.86 million households, 5.14 million of China Telecom, Unicom only 4.06 million; on the network, China Mobile's TD commercial network covers the city reached 238, China Unicom WCDMA commercial cities up to 335, China Telecom CDMA2000 network has covered the country's 342 prefecture-level cities, 2,055 counties, more than 6,000 more towns.
Moving around in the recent "mobile TV" business formal commercial press conference, Ministry Chief Engineer Su Jinsheng said, since its 3G licence issued, moving full speed networking last year put in network construction fund of 65 billion yuan (RMB, same below), the new TD-SCDMA base stations 10. 80,000 invested 650 million dollars weakness and rapid development of led chips, terminals and other industries. He disclosed that the 27 provinces are now launched mobile TV business, covering 303 prefecture-level cities above the town.
Goldman Sachs believes that owned telecommunications unit's performance in the waves in the near future there will be two major themes: first, cut capital expenditure, the other is a rational competition. The Bank said that three Chinese telecommunications shares, move the highest earnings predictability, expected its recently most likely to announce 2010 first quarter of strong results; respectively, China Mobile and China Unicom's rating to "buy", telecommunications rating to "neutral".
2-line frequently to increase its stake in the Telecom
Recently, the international lines frequently sell huge holdings, China Telecom, became a major attraction in the sector. It is learnt that the Commonwealth Bank of Australia declared to the Hong Kong Stock Exchange said on March 22 and 23rd, holdings of 49.396 million shares and 93.722 million shares, respectively, China Telecom shares, currently holding at 8%; JP Morgan on March 4, Hong Kong dollar holdings near 3.52 in the average price per share shares, China Telecom, holding at 6.01%.
China Telecom's performance last year, Nomura believes that EBITDA is at the end of last year the company, plus the added power user growth, consolidated EBITDA this year is expected to continue to grow. Although the regulatory environment in the Mainland will change, but the limited risk of adverse and favourable factors include the CDMA business pick-up increases its share price, fixed income steady growth, achieving EBITDA break-even time shortened its mobile business. Due to the China Telecom network is used by the parent company has 3G lower capital expenditure, therefore China Telecom into Chinese telecommunications shares a preferred.
3-slightly down from
Citi China Unicom's performance view, which 3G losses in the fourth quarter of last year, fixed income is less than the market expected, and disappointing performance of its share price pressure, so lowering the rating by "holding", cut the target price HK $ 18% per cent.
BOCOM International also said China Unicom's 2009 performance was slightly lower than the Bank expected, mainly due to the 2009 3G a large loss in the fourth quarter, and its broadband ARPU fell 10.1%, fell by 5%. 2010 the Bank's cautious view of China Unicom added ARPU value of more than $ 100 target of 10 million users, due to marketing costs and depreciation is expected to drag on 2010 performance, reduced its forecast earnings per share this year and next to HK $ 0.35 and $ 0.33, maintaining the target price of HK $ 7.
But Bank of America Merrill Lynch on China Unicom's relatively optimistic, given its "buy" rating and target price of HK $ 13.5. Merrill Lynch said that the consideration of China Unicom's corporate management in the first quarter may show people being not of one mind, they 3G pick-up are expected in May or June to improve the situation. The Bank said that China Unicom is currently valued, comparison of the enterprise value to EBITDA for 2010 and 2011 discount 5% Asian film industry.
No comments:
Post a Comment