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UBS 瑞士银行：投资分析报告

UBS Investment Research - Chinese Telco Accounting Practice Comparison (52页) May 2007

共52页 05.08 May 2007　

Contents page
Summary and Investment Case 3
— Effective way to analyze emerging market companies ......................................................3
— How to adjust for accounting differences ............................................................................3
— China Mobile remains our top pick......................................................................................4
— China Unicom improves earnings quality............................................................................4
— We prefer China Telecom over China Netcom...................................................................4
Depreciation schedule 7
— Major difference in telecom equipment depreciation..........................................................7
— China Mobile accelerates depreciation ...............................................................................8
— China Unicom improved in transferring CIP .......................................................................9
— PAS depreciation not conservative enough......................................................................10
— Impact of normalizing depreciation costs..........................................................................10
Provisions 14
— China Mobile wrote down assets aggressively.................................................................14
— More PAS provisions to come ...........................................................................................15
— Potential provision on account receivables.......................................................................17
Handset subsidies 19
— Different treatment .............................................................................................................19
— CDMA handset subsidy cost pressure decreasing...........................................................19
— PAS handset subsidy not a big risk for Netcom ...............................................................20
Working capital items 22
— Cash flow contribution from working capital .....................................................................22
— China Mobile: accrued expenses ......................................................................................22
— China Unicom: handset subsidy........................................................................................23
— China Telecom: neutral working capital impact ................................................................24
— China Netcom: deferred costs and accrued expenses.....................................................25
Taxation 26
— H-shares vs red chips ........................................................................................................26
— Major taxation adjustments................................................................................................26
— Tax rate cut in 2008 ...........................................................................................................26
Capitalized interest 28
— Mechanism of capitalized interest .....................................................................................28
— China Mobile on the conservative side again ...................................................................28
— Minimal impact, but it indicates the general approach .....................................................28
Unicom’s loss on convertible bonds 29
— Sizable bottom-line impact ................................................................................................29
China Mobile (HK) Ltd 32
China Unicom Ltd. 36
China Telecom 40
China Netcom Corporation 44