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Goldman Sachs: Maintains ZTE "Neutral" rating, Target Price raised to HKD 25.2.

Goldman Sachs released a research report stating that as China's telecommunications capital expenditure slows down while entering the mid-to-late stage of the 5G investment cycle, it maintains a "Neutral" rating on ZTE (00763), with the Target Price increased from 22 Hong Kong dollars to 25.2 Hong Kong dollars. The firm expects the company's revenue for the fourth quarter to be 35 billion yuan, unchanged year-on-year, but up 27% quarter-on-quarter. Demand for domestic telecommunications networks is still impacted by the slowing capital expenditure cycle, but overseas income grows robustly. The firm stated that enterprise ICT (Information and Communication Technology) products and Consumer Electronics remain the main drivers of ZTE's growth, and expects these two categories of products to account for ZTE in the fourth quarter.

Sina Hong Kong StockDec 30 04:25 ET