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Hong Kong stocks fluctuate | Telecommunication sector under pressure, China Mobile (00941) revenue growth slows down in the first half of the year, Lyon expects weak midterm performance of the industry.
The telecommunication sector is under pressure. As of press time, China Telecom (00728) fell 3.18% to HKD 4.26; China United Network Communications (00762) fell 2.88% to HKD 6.4; China Mobile (00941) fell 1.8% to HKD 70.95.
China Telecom (00728) fell 3.18% as the three major telecom operators came under pressure. Institutions predict that the industry's performance in the first half of the year may be relatively weak.
Jinwu Finance News | The three major telecommunications operators are collectively under pressure, with China Telecom (00728) falling by 3.18%, China Unicom (00762) falling by 2.88%, and China Mobile (00941) falling by 2.56%. On the news side, Citic Lyon issued a performance outlook for the telecommunications industry in the first half of 2024: growth is expected to slow down. The bank pointed out that Chinese telecom operators have benefited from potential dividend and tax reductions, and their performance has been remarkable so far this year. However, the bank believes that in the current economic downturn, governments and companies have postponed their information technology spending, so it is expected that the performance in the first half of 2024 may be weak.
Zheshang Securities: Maintains its “buy” rating on China United Network Communications, with emerging businesses becoming the second growth curve of the company.
Zheshang Securities research report pointed out that recently, China United Network Communications (600050.SH) held a partner conference, which mainly focused on computing power network, artificial intelligence, digital innovation, cybersecurity, ecological cooperation and other directions, fully demonstrating the company's strategic upgrading, determination to new development, and strengthen the investment logic of computing network digital business becoming the second growth curve of the company. Facing the "intelligent new era", as the national team of digital information operation services and the leader of digital technology integration and innovation, telecommunications operators are expected to benefit from the development of new production forces in China. Emerging businesses represented by computing network digital intelligence are becoming the second growth curve of the company, sustainable.
[Brokerage Focus] CITIC Securities: Expects the growth of the telecommunications industry to slow down in the first half of 2024.
Jingu Financial Information | CITIC Lyon releases performance outlook on the telecommunications industry for the first half of 2024: growth will slow down. The bank pointed out that Chinese telecom operators have benefited from potential dividend tax reductions and have achieved considerable performance so far this year. However, the bank believes that in the current economic downturn, governments and enterprises have postponed spending on information technology, so it is expected that the performance of the first half of 2024 will be weak, and the growth of total service revenue will slow down to 3-4%. The revenue growth of China Mobile (00941) in industrial internet (cloud computing, IDC and big data) will slow down to double digits, while that of China Telecom (00728)
Lyon: believes that the profit margin of Chinese telecommunication sector can be sustainably improved, maintaining the "outperform the market" rating of the three major Chinese telecommunication sector stocks.
Lyon is bullish on the highest dividend yield of China Mobile (00941) at 7%, followed by China Telecom (00728) at 6%.
China Tower (00788.HK) will lease transmission and cloud resources to China United Network Communications and China Telecom.
On August 7th, Guolonghui reported that China Tower (00788.HK) announced that the company has entered into a framework agreement with China United Network Communications Group Co., Ltd. on August 7, 2024. According to the framework agreement, the Group will lease transmission resources and cloud resources, including but not limited to communication circuits, communication equipment, cloud dedicated lines and cloud equipment, from China United Network Communications Group Co., Ltd., and the lease term will be from August 7, 2024 to December 31, 2026. The company also entered into a framework agreement with China Telecom Group Co., Ltd. on August 7, 2024, according to the China Telecom Group Co., Ltd. framework agreement.
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