最新 UBS(瑞银)将中兴通讯H股目标价上调到34港币

小熊在线 新闻稿 | 2018年02月01日
我们同时将中兴通讯A股及H股评级由卖出调升至中性,主要由于:(1)受益于中国5G相关投资;(2)新兴市场业务拓展;(3)运营效率改善 ......
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    UBS 将中兴通讯 H股目标价从22.80港币上调到 34港币

    ZTE H Shares Upgraded to Neutral at UBS; PT HK$34

    2018-01-29 22:11:14 – Bloomberg

    By Bloomberg Automation

    (Bloomberg) — UBS upgraded the recommendation on ZTE Corp. H Shares to neutral from sell.

    UBS raised the target price to HK$34 from HK$22.80, implying a 21 percent increase from the last regular trade. The target is 5.2 percent above the consensus average of HK$32.32.

    We also upgrade ZTE-H (here) and ZTE-A (here) to Neutral from Sell as we expect ZTE to: 1) benefit from upcoming 5G spending in China; 2) expand into overseas emerging markets; and 3) improve its operational efficiency. We believe 5G development is accelerating in China and we expect construction of 5G networks to start from 2019. However, we expect the 5G buildout to progress more slowly than 4G.

    我们同时将中兴通讯A股及H股评级由卖出调升至中性,主要由于:(1)受益于中国5G相关投资;(2)新兴市场业务拓展;(3)运营效率改善。我们相信中国5G部署进程将加速,预计2019年将开始5G建设。但是,我们认为5G部署节奏将慢于4G。

    The government is positioning 5G development as a national strategy in a bid to: 1) encourage new growth drivers for China’s economy, such as mobile internet and internet of things (IoT); and 2) boost the overall value chain in chipsets, components, equipment and materials. Our expected 5G milestones include: 1) standalone (SA) 5G technology to be finalised in mid-2018; 2) the three telcos to conduct 5G trials in 2018-H119; 3) Ministry of Industry and Information (MII) to allocate spectrum among the three companies by end-2018; 4) MII to issue 5G licenses in H119; and 5) commercial launch of 5G in 2020.

    中国将5G定位为国家战略,第一,驱动中国经济新增长,如移动互联网和物联网;第二,推动通信产业链发展,包括芯片、光模块、设备和材料。我们认为5G里程碑包括(1)2018年6月独立组网5G标准确定;(2)国内三大运营商在2018年及2019年上半年建设5G实验局及开展测试;(3)工信部在2018年底前向三大运营商分配5G频谱资源;(4)工信部在2019年上半年颁发5G商用牌照;(5)2020年5G商用。

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