by winston » Fri Jun 13, 2014 11:29 am
not vested
<Research Report>COMBA (02342.HK) downgraded to Underweight, target reduced to $1.9 - HSBC
Apr 3, 2014
COMBA (02342.HK)'s 2013 income and net profit were 8.8%/494% below market projections, or 14.1%/37% below HSBC Global Research's forecasts.
The below-estimate results were attributable to the late issue of 4G licenses in December 2013.
Moreover, the revenue from CHINA MOBILE (00941.HK), the company's biggest customer, slumped 10% year-on-year.
The market outlook has improved since the launch of 4G licenses, but COMBA may need some time to turn wireless solutions around.
HSBC Global Research lowered COMBA 2014/15 earnings forecast by 196%/99%.
COMBA was downgraded from Neutral to Underweight with target price reduced from $2.55 to $1.9.
Source: AAStocks Financial News
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