Sector Rating Price target 52wk H-L (HK$) 1.60-1.00 Market cap (HK$) 2,683.0m Shrs outstanding 2,461.4m Main ownership 12/15A 12/16A 12/17E 12/18E EPS(HKD) 0.087 0.062 0.097 0.115 P/B(x) 0.7 0.8 0.7 0.6 P/E(x) 12.5 17.5 11.2 9.5 EV/EBITDA 7.0 10.4 8.3 10.7 Div. yield(%) 3.0 2.1 2.3 2.5 ROE(%) 5.8% 4.3% 6.6% 7.2% ROA(%) 2.2% 1.6% 2.6% 3.0% Sources: Company data, Bloomberg, Anli research Sources: Bloomberg as of 14 Jul, 2017 Fig.1: Valuation comps P/B(x) 2016A 2017E 2018E 2016A 2342 HK COMBA TELECOM SY 340 1.09 17.5 11.2 9.5 0.8 1.6 4.3 2.9 6.1 -21.7 763 HK ZTE-H 13,927 18.66 n.a 15.6 14.2 1.9 -1.4 -6.3 1.7 83.1 38.6 947 HK MOBI DEVELOPMENT 123 1.17 12.6 n.a n.a 0.7 3.0 5.4 0.9 30.0 -4.9 1155 HK CENTRON TELECOM 55 0.55 3.2 n.a n.a 0.2 4.2 7.0 5.8 13.4 5.8 552 HK CHINA COMM SER-H 1,294 4.48 10.7 9.7 8.9 1.0 4.2 9.9 6.1 10.7 -8.6 Average 11.0 12.2 10.9 0.9 2.3 4.0 n.a n.a n.a 002792 CH TONGYU COMMUNI-A 1,094 32.87 34.2 29.3 23.6 4.0 9.3 14.3 -8.1 -46.3 -39.4 300597 CH JILIN JLU COMMUN 571 16.13 52.0 n.a n.a 7.0 9.7 14.1 -8.0 n.a n.a 002194 CH WUHAN FING -A 713 8.56 n.a 38.9 34.2 2.6 -12.2 -15.6 -5.3 -39.8 -33.4 300050 CH DINGLI COMMUNI-A 739 10.05 41.1 25.8 20.5 2.3 5.2 6.0 -5.9 -30.4 -23.3 300310 CH GUANGDONG EAST-A 1,534 11.79 52.1 30.2 22.1 3.9 5.7 7.7 -11.0 -39.3 -12.8 Average 44.8 31.1 25.1 4.0 3.5 5.3 n.a n.a n.a CSCO US CISCO SYSTEMS 156,352 31.27 14.8 13.1 12.8 2.4 8.2 15.7 1.2 5.1 3.5 JNPR US JUNIPER NETWORKS 11,115 29.09 17.3 13.0 12.3 2.2 6.7 12.8 2.2 26.0 2.9 IBM US IBM 144,335 153.63 11.6 11.2 11.0 7.9 9.8 69.8 0.5 -4.1 -7.4 Average 14.6 12.5 12.1 4.2 8.2 32.8 n.a n.a n.a Total average 23.5 18.6 16.0 3.0 4.7 14.0 Source: Bloomberg as of 14 Jul 2017, Anli research Px % chg. YTD ROA (%) ROE (%) P/E(x) A share TMT International TMT Px % chg. WTD Px % chg. 1 yr H share TMT Ticker Company name Mkt Cap (US$m) Last Price HK$1.5 Price (HK$/shr) as of 14 Jul, 2017 TUNG LING FOK (32.9%) Kimmy Tong/+852 23235118/[email protected]Price performance Research Analyst HK$1.09 Key indicator forecast July 14, 2017 Comba Telecom (2342.HK); ramping up for 5G solutions; Buy Key data TMT Buy Margins will be stable in FY2017E. Comba Telecom System (Comba)‘s revenue dropped 12.1% YoY at HK$5,954.3m in FY2016. Its margins squeezed and company share price slumped 36.1% after FY2016’s annual report announcement. We think the negative factors have already been reflected in Comba’s current share price. Comba won two tender bids for China Telecom (728 HK) in 1Q17 - projects to develop 800M LTE/2G LTE base station antennas in China. Management mentioned the delivery process has been completed, and the positive operating cash flow will reflect in the company’s FY2017 annual results. In FY2016, Comba acquired 51% interest of ETL for a consideration of US$91.8m, one of the top three telecom operators in Laos, covering 17 provinces and the capital of Vientiane. ETL has a full license with 1,200 BTS and 1m subscribers. We are positive on this acquisition given: 1) Expansion of market share in Asia Pacific; 2) Increase equipment sales due to Laos low mobile penetration rate in Asia Pacific; 3) Possibility of tax deduction under PRC’s “One Belt One Road” scheme. Hence, we uplift Comba’s operating and net margin growth to 0.7ppt/1.2ppt in FY2017E. Currency risk to minimize in FY2017E. 80% of Comba’s revenue comes from RMB, followed by the US dollar and Brazilian real. The RMB depreciation risk has mitigated since May 2017 when China set a daily central parity rate in RMB to move no more than 2% above or below. Therefore, the RMB trend should stabilize despite US’ interest rate hike in 1H17. Brazil’s currency experienced its worst performance last year, exchanging at 3.5075 USD/BRL in Dec 2016. Since then, there has been a turnaround, and the Brazilian real have gradually appreciated. According to management, the impact caused by Brazilian real amounts to less than USD$20m, so we think the currency impact will be minimized in this year. Ramping up efforts for 5G network solution system. China is gradually capitalizing on the opportunities provided by the next generation of technology in mobile internet, Internet of Things (IoT), big data and cloud computing. Therefore, customers anticipate the evolution of 4G and the future of wireless generations. Recently, China’s top three largest telecom operators announced to develop 5G infrastructure for US$180bn, surpassing Japan’s target of US$46bn. The 5G trial will be implemented in 2H17 in several Chinese cities, including Beijing, Shanghai, Guangzhou and Ningbo etc. Consensus predicts the Chinese Government will officially carry out 5G mobile networks in 2020. We assume Comba will take advance of 5G equipment products. Management also mentioned its ongoing deployment of Small Cell and future growths of IP networks and 5G connections will be a long term growth driver for the company. We see a positive outlook for Comba as telecom operators in the mobile network industry are moving towards higher capacity and low network latency for greater cost-effective systems and better consumer experiences. We also believe Comba’s big three customers’ low frequency refarming will increase data plans and consumption with more advancements in network coverage. Comba will likely benefit from the 5G network implementation, which will support Comba’s wireless access, and wireless enhancement & antennas segments in the next couples of years. We initiate our BUY rating with a target price HK$1.5 per share, implying a 37.6% upside. Despite decreased margins in FY2016, we believe Comba’s future looks promising, given: 1) Stable margins in FY2017E from punctual project deliveries; 2) Acquisition in Laos’ telecom operator, which will increase its equipment sales and market share in Asia Pacific; 3) Minimized currency risk in FY2017E; 4) Negative impacts already priced-in share price; 5) 5G network infrastructure development will be a growth driver for the company. Key risks: High CAPEX from Laos’ network expansion; RMB and BRL depreciation; Delayed tender bid schedules for wireless network equipment China’s telecom operators; Longer than expected transitional phase to 5G network solutions. 0 0.4 0.8 1.2 1.6 2 0 5000 10000 15000 20000 25000 30000 HK$/shr Pts Hang Seng Index (LHS) Comba (2342 HK) (RHS) 1
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Comba Telecom (2342.HK); ramping up for 5G solutions; Buy€¦ · Cost structure breakdown by FY16 Comba's total revenue and net profit decrease corresponds to the delays of open
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Sector
Rating
Price target
52wk H-L (HK$) 1.60-1.00
Market cap (HK$) 2,683.0m
Shrs outstanding 2,461.4m
Main ownership
12/15A 12/16A 12/17E 12/18E
EPS(HKD) 0.087 0.062 0.097 0.115
P/B(x) 0.7 0.8 0.7 0.6
P/E(x) 12.5 17.5 11.2 9.5
EV/EBITDA 7.0 10.4 8.3 10.7
Div. yield(%) 3.0 2.1 2.3 2.5
ROE(%) 5.8% 4.3% 6.6% 7.2%
ROA(%) 2.2% 1.6% 2.6% 3.0%Sources: Company data, Bloomberg, Anli research
Sources: Bloomberg as of 14 Jul, 2017
Fig.1: Valuation comps
P/B(x)
2016A 2017E 2018E 2016A
2342 HK COMBA TELECOM SY 340 1.09 17.5 11.2 9.5 0.8 1.6 4.3 2.9 6.1 -21.7763 HK ZTE-H 13,927 18.66 n.a 15.6 14.2 1.9 -1.4 -6.3 1.7 83.1 38.6947 HK MOBI DEVELOPMENT 123 1.17 12.6 n.a n.a 0.7 3.0 5.4 0.9 30.0 -4.91155 HK CENTRON TELECOM 55 0.55 3.2 n.a n.a 0.2 4.2 7.0 5.8 13.4 5.8552 HK CHINA COMM SER-H 1,294 4.48 10.7 9.7 8.9 1.0 4.2 9.9 6.1 10.7 -8.6Average 11.0 12.2 10.9 0.9 2.3 4.0 n.a n.a n.a
Comba Telecom (2342.HK); ramping up for 5G solutions; Buy
Key data
TMT
Buy
Margins will be stable in FY2017E. Comba Telecom System (Comba)‘s revenue dropped 12.1% YoY at HK$5,954.3m in FY2016. Its margins squeezed and company share price slumped 36.1% after FY2016’s annual report announcement. We think the negative factors have already been reflected in Comba’s current share price. Comba won two tender bids for China Telecom (728 HK) in 1Q17 - projects to develop 800M LTE/2G LTE base station antennas in China. Management mentioned the delivery process has been completed, and the positive operating cash flow will reflect in the company’s FY2017 annual results. In FY2016, Comba acquired 51% interest of ETL for a consideration of US$91.8m, one of the top three telecom operators in Laos, covering 17 provinces and the capital of Vientiane. ETL has a full license with 1,200 BTS and 1m subscribers. We are positive on this acquisition given: 1) Expansion of market share in Asia Pacific; 2) Increase equipment sales due to Laos low mobile penetration rate in Asia Pacific; 3) Possibility of tax deduction under PRC’s “One Belt One Road” scheme. Hence, we uplift Comba’s operating and net margin growth to 0.7ppt/1.2ppt in FY2017E. Currency risk to minimize in FY2017E. 80% of Comba’s revenue comes from RMB, followed by the US dollar and Brazilian real. The RMB depreciation risk has mitigated since May 2017 when China set a daily central parity rate in RMB to move no more than 2% above or below. Therefore, the RMB trend should stabilize despite US’ interest rate hike in 1H17. Brazil’s currency experienced its worst performance last year, exchanging at 3.5075 USD/BRL in Dec 2016. Since then, there has been a turnaround, and the Brazilian real have gradually appreciated. According to management, the impact caused by Brazilian real amounts to less than USD$20m, so we think the currency impact will be minimized in this year. Ramping up efforts for 5G network solution system. China is gradually capitalizing on the opportunities provided by the next generation of technology in mobile internet, Internet of Things (IoT), big data and cloud computing. Therefore, customers anticipate the evolution of 4G and the future of wireless generations. Recently, China’s top three largest telecom operators announced to develop 5G infrastructure for US$180bn, surpassing Japan’s target of US$46bn. The 5G trial will be implemented in 2H17 in several Chinese cities, including Beijing, Shanghai, Guangzhou and Ningbo etc. Consensus predicts the Chinese Government will officially carry out 5G mobile networks in 2020. We assume Comba will take advance of 5G equipment products. Management also mentioned its ongoing deployment of Small Cell and future growths of IP networks and 5G connections will be a long term growth driver for the company. We see a positive outlook for Comba as telecom operators in the mobile network industry are moving towards higher capacity and low network latency for greater cost-effective systems and better consumer experiences. We also believe Comba’s big three customers’ low frequency refarming will increase data plans and consumption with more advancements in network coverage. Comba will likely benefit from the 5G network implementation, which will support Comba’s wireless access, and wireless enhancement & antennas segments in the next couples of years. We initiate our BUY rating with a target price HK$1.5 per share, implying a 37.6% upside. Despite decreased margins in FY2016, we believe Comba’s future looks promising, given: 1) Stable margins in FY2017E from punctual project deliveries; 2) Acquisition in Laos’ telecom operator, which will increase its equipment sales and market share in Asia Pacific; 3) Minimized currency risk in FY2017E; 4) Negative impacts already priced-in share price; 5) 5G network infrastructure development will be a growth driver for the company. Key risks: High CAPEX from Laos’ network expansion; RMB and BRL depreciation; Delayed tender bid schedules for wireless network equipment China’s telecom operators; Longer than expected transitional phase to 5G network solutions.
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Comba (2342 HK) (RHS)
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Source: Company data, Anli research estimates Source: Company data, Anli research estimates
Source: Company data, Anli research Source: Company data, Anli research
Source: Company data, Anli research Source: Company data, Anli research
Source: Company data, Anli research
July 14, 2017
Fig.2: We forecast a company revenue turnaround in FY2017E
Fig.3: We predict company's OPM and NPM will improve by a
higher operating leverage
Fig.4: Management forecast a stable margin for the antennas &
subsystems segment in FY2017E
Fig.5: China's largest telecom operators are Comba's main
customers
Fig.6: Revenue contribution from the Americas decrease 1.6%
YoY in FY2016, while China remains stable
Fig.7: Cost to revenue ratio was 29.3% FY2016, higher than
25.8% in FY2015
Fig.8: Peers comparison—Comba expected to turnaround with peers as industry gear up for 5G development in China
Margins analysis Gross margin(%) Operating margin(%) Net margin(%)
47.7% 31.2% 29.5%
14.1% 25.6% 25.8%
16.9% 23.3% 19.8%
20.0% 16.8% 18.3% 1.4% 3.1% 6.6%
0%
30%
60%
90%
120%
FY14 FY15 FY16
Revenue mix by customers Enterprise International customers & core equipment manufacturers China Telecom China Unicom China Mobile
PRC 84.5%
Asia Pacific 7.3%
Americas 4.4%
EU 3.1%
Middle East 0.6%
Others 0.1%
Revenue mix by geographical segment
R&D costs 13.0%
Selling and distribution expenses
31.1%
Administrative expenses
40.6%
Finance costs 2.7%
Taxation charge 5.8%
Other expenses 6.8%
Cost structure breakdown by FY16
Comba's total revenue and net profit decrease corresponds to the delays of open tender bidding from China Mobile, China Telecom, and China Unicom. Hence, projects were not accounted in time for the company’s annual results. As a result, Comba’s main customers who are also shared by its peers suffered margin squeezes in FY2016 as well. However, the future of mobile network operators looks hopeful considering 5G network developments. Comba’s management mentions its ongoing deployment of Small Cell and future growths of IP networks; it seems to be a preparation for 5G connections. We see a positive outlook for Comba as telecom operators in the mobile network industry are moving towards higher capacity and low network latency for greater cost-effective systems and better consumer experiences. We believe Comba’s big three customers’ low frequency refarming will increase data plans and consumption with much advanced network coverage and exceed its competitors as it has already started developing 4G base stations and 5G research & development. One of Comba’s main customers China Mobile mentioned that they have started 5G field tests in Shanghai, Beijing, Suzhou, Ningbo, and Guangzhou, and large-scale trials will start in 2018. Further, China Telecom has also started 5G field tests in Shanghai, Beijing, Guangzhou, and applied for 59 5G patents last year. This may stabilize Comba’s margins as it continues to provide network solutions for its three largest customers and there is no reason for a downturn in the company’s future.
Company Comba Telecom ZTE Mobi Tongyu Centron
Ticker 2342 HK 763 HK 947 HK 002792 CH 1155 HK
Market capitalization
(US$m)340 13,927 123 1,094 55
Revenue growth in FY16 -12.1% 1.0% -8.0% -8.3% 3.5%
Net profit growth in FY16 -28.5% -137.6% -26.6% -15.5% 129.6%
Gross profit margin (%)
Net profit margin (%)
26.1%28.3% 29.0%
10%
20%
30%
40%
FY14 FY15 FY16
2.2%3.1%
2.6%
0%
2%
4%
6%
8%
FY14 FY15 FY16
29.1% 29.0% 29.2%
10%
20%
30%
40%
FY14 FY15 FY16
3.2% 3.6%
-0.9%-2%
0%
2%
4%
FY14 FY15 FY16
22.8% 23.6% 24.2%
10%
20%
30%
40%
FY14 FY15 FY16
5.9% 5.7%
4.5%
0%
2%
4%
6%
8%
FY14 FY15 FY16
23.8% 22.7%
27.6%
10%
20%
30%
40%
FY14 FY15 FY16
2.6%3.2%
7.4%
0%
2%
4%
6%
8%
FY14 FY15 FY16
27.5%
20.0%18.2%
0%
10%
20%
30%
FY14 FY15 FY16
23.6%
18.6% 17.2%
0%
10%
20%
30%
FY14 FY15 FY16
2
Fig.9: Comba's share price flutuated accordingly post interim and annual results
Source: Bloomberg as of 14 Jul, 2017, Anli research
Source: Bloomberg as of 14 Jul, 2017, Anli research Source: Company data, Anli research
July 14, 2017
Fig.11: We forecast Comba's margins to stabilize in the next
few yearsFig.10: Comba's current P/E is lower than its peers average P/E
Comba’s GPM in 2012 dropped significantly due to: 1) Higher COGS to sales ratio; 2) Increase in competition; 3) Larger expenses of equipment in 4G network preparation. However, the Chinese government issued 4G mobile network licenses to PRC’s top three largest telecom operators at the end of 2013, which helped Comba’s margins to turnaround in 2014/2015. In 2016, the uncertainties in procurement of wireless network equipment, high cost of 4G network expansion, and 5G network trial developments squeezed the company’s margins. Comba’s management stated that the CAPEX will remain~HK$55m in FY2017E and business will ramp up for 5G network opportunities. Hence, the 5G network solution will support margin turnarounds, and we forecast the company’s net margin to stabilize in FY2017E and FY2018E at 3.8% /4.2%, respectively.
In the past two years, Comba’s share price reached HK$1.60 per share at its highest and HK$0.83 per share at its lowest. The price from late-August in 2015 to mid-February in 2016 was primarily affected by company investigations and lawsuits. Meanwhile, Comba’s stock price rebounded on better than expected FY2015 annual results and its win in the Brazilian patent case. However, the stock price dropped later on after the disappointing FY2016 annual results – a 36.1% drop at HK$1.01 per share. Again, we believe the current share price has already priced-in the negative factors, and the demanding valuation is attractive for investors. The company is trading at a P/E of 11.2x in 2017E and 9.5x in 2018E, which is lower than its historical valuation of 17.5x, and peers 2017E average of 12.2x P/E, representing a 36%/ 8.2% discount. Also, China authorization of 5G development is going to support the country’s largest telecom operators in the next couples of years. We predict Comba’s share price will be boosted by this favorable factor and likely to be a leading player in 5G in the next few years.
Source: Company data, Anli research Source: MIIT, Anli research
Fig.12: Recent acquisition of ETL's interest
July 14, 2017
Fig.13: Laos mobile penetration rate remain low compared to
other developing countries
Consideration...
• US$91.8m for a 51% interest in ETL via an associated company, Jiafu
When deal completed...
• 49% of ETL owned by Laos Government, 51% owned by Jiafu
• 4 nominated directors in the Board of ETL
• Funded by internal resources
About ETL...
• Established in 2000, stated-owned, Top 3 operator in Laos, covering 17 provinces and Capital Vientiane
• Full license w/ 1,200 BTS, 1m subscribers
• Mobile services, fixed line, roaming services, leased line, data services, internet etc.
• ~1,000 staff
Comba recently acquired a 51% interest in ETL for US$91.8m via Jiafu, 49% of which is owned by the Laotian Government. ETL was established in 2000 and ranks amongst the top three service providers in Laos, covering 17 provinces and the Capital with 1m subscribers including 350,000 mobile subscribers. It has around 1,000 staff and provides GSM, CDMA, WCDMA, and 4G networks to customers through mobile services, fixed line, roaming services, leased line, data services, internet, etc. Laos has a population of approximately 7m, and its GDP per capita totals to RMB11,000, which 40% of GDP is come from the services sector, includes telecommunications. As a country, there is high growth potential for ETL as Laos has a relatively low unique mobile penetration of 57% compared to other countries in Southeast Asia. Comba’s acquisition can drive equipment sales and gain exposure in Laos as an operator. Further, the Chinese Government provides tax incentives as part of the “One Belt One Road” initiative to bridge countries within its boundaries, which is economically advantageous to Comba. As China starts its 5G trials in hopes to become a leader in 5G networking, Comba’s advanced operations as a Chinese company may help ETL surpass its competitors and gain greater market share in the country as well.
57%
147%
50%
74%
47%
76%
Laos Vietnam Philippines Thailand Indonesia Cambodia
Mobile Penetration as of April 2017 (individuals subscribed to mobile service)
4
Source: MIIT, Anli research Source: MIIT, Anli research
Source: CAICT estimates, Anli research Source: MIIT, Anli research
Source: CNNIC, Anli research Source: MIIT, Anli research
Source: company data, MIIT, Anli research
July 14, 2017
Telecom industry overview
Fig.14: 3G/4G user growth continues after launch in China
Fig 15: 4G users increase at rapid rate compared to previous 2G and
3G networks
Fig.17: Western China users grow at steady rate while Central China
users slow
Fig.16: 5G sales estimated to contribute RMB$3.6trn to China's
GDP, representing a 24% YoY growth within 10 years
Fig.18: 95% of internet users access the internet through their
mobile phones Fig.19: Mobile network users ticking up in Western China
Fig.20: Evolution of future networks - higher speed, smaller coverage
20.9%
32.7%
45.3% 55.5%
71.2%
0%
20%
40%
60%
80%
100%
0
200
400
600
800
1000
2012 2013 2014 2015 2016
m (units)
Subscribed customers with 3G/4G mobile network in China
3G/4G users YoY growth94.5% 87.0%
79.1%
67.3%
54.7% 44.5%
28.8%
0%
20%
40%
60%
80%
100%
-300
-200
-100
0
100
200
300
400
2010 2011 2012 2013 2014 2015 2016
m (units) Net changes in China customers by mobile network
Proportion of mobile network users in China by region
Eastern China Central China Western China
75% 81%
86% 90%
95%
0%
20%
40%
60%
80%
100%
0
200
400
600
800
2012 2013 2014 2015 2016
m (units) Users mobile phone access to internet
internet users % of internet users accessing using mobile phone
112% 113% 114% 113% 114%
79% 79% 79% 80% 82% 86% 86% 79%
89% 92%
0%
20%
40%
60%
80%
100%
120%
140%
1Q16 2Q16 3Q16 4Q16 1Q17
Mobile network penetration rate by region
Eastern China Central China Western China
China’s landline and traditional home phones accounted for 206m users, while mobile phone users reached 1.32bn in 2016. According to Ministry of Industry and Information Technology (MIIT), China’s mobile network penetration rate in 2016 reached 96.2%, and grew from 101%/74%/67% in Eastern, Central, and Western China in 2012 to 113.4%/80.2%/89.2% in 2016, respectively. As part of the “One Belt One Road” Initiative, more high-tech and high value-added industries are moving into Western China in cities such as Sichuan and Chongqing for greater market opportunities. As a result, mobile network users in this region showed the largest growth increase amongst Eastern and Central China as more groups and individuals are relocating to the West. Hence, we may see a continual increase in mobile penetration in China overall, particularly in the Western region. The MIIT announced that China anticipates becoming the largest 5G market in the world and has plans to spend RMB2.8trn on 5G networks from 2020 to 2030, where the market will account for 3.2% of its GDP in 2025. Further, GSMA and CAICT reports China’s 5G connections will reach 428m, 39% of global 5G connections by 2025. The market will primarily benefit network equipment and smartphone suppliers, internet companies and application developers, and telecommunications operators. In the secondary market, 5G will also support AVR and VR entertainment, IoT, super-HD video, and low-latency communications for applications in the new generation of technology. This will help stabilize the margin of Comba’s wireless system business and benefit the IT hardware industry in China.
Source: Company data, Anli research estimates Increase in debt (263.1) 9.5 196.2 382.8
Others (63.8) (46.7) (50.1) (53.5)
CFF (385.8) (107.4) 84.4 276.8
Foreign exchange (51.8) (95.6) 0.0 0.0
Net change of cash 524.5 (231.5) 113.5 333.7
FCF 1031.4 359.2 433.8 494.0
Company description
July 14, 2017
Balance Sheet (HK$m)
Comba Telecom: Financial summary
Profit and Loss (HK$m)
Revenue
Other income and gains
SG&A expenses
Research and development costs
Earning growth drivers
COGS
Gross profit
Comba Telecom (2342.HK) primarily serves as a wireless solutions provider to its customers in the PRC through its national sales and services network. The company also offers antennas and subsystems, wireless access, and wireless enhancement to customer worldwide, and has its own R&D facilities, manufacturing base, and sales and services teams.
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July 14, 2017
Important legal disclosures
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