HSBC 汇丰：中国电信行业深度研究

China Telcos Sector：Short-term regulatory and technology risks, long-term tax benefits

36页 25 January 2007 英文

􀀗 We remain cautious in the short term given the high level of 3G risk
􀀗 Tax reforms underpin our forecasts for 11% increase in 2008 sector earnings
􀀗 We raise our 2007 PE-based price targets by 4-12%; no change to ratings

􀀗 China’s plan to bring down tax rates for domestic companies from 33% to 25% should boost telcos earnings by 6-14% from 2008
􀀗 Potential A share issues will provide a cheap funding source and realign interests between the locals and foreign investors
􀀗 We raise our telco target prices by c4-12% to capture tax and RMB factors; remain Neutral on wireless names and Underweight on wireline names

[此贴子已经被作者于2007-2-23 21:50:05编辑过]