Telecoms, Mobile Phones, 5G etc.

Re: Telecoms, Mobile Phones, 5G etc.

Postby winston » Tue May 12, 2020 11:46 am

DC: 1Q EMEA Handset Shipment Slips 8%; XIAOMI-W (01810.HK) Shipment Leaps 76.5%

Smartphone shipments across EMEA slipped 8% year-over-year to 76.9 million units in the first quarter, according to IDC's report.

XIAOMI-W (01810.HK) posted a 76.5% shipment growth (to 7.3 million units) during the period, with market share rising to 9.5% from 5% a year ago, being in the fifth place in the global chart.

Source; AAStocks Financial News
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Re: Telecoms, Mobile Phones, 5G etc.

Postby winston » Tue Jun 30, 2020 10:54 am

CHINA TELCO SECTOR – STAYING SELECTIVE

According to the Ministry of Industry and Information Technology (MIIT), China’s telecom industry service revenue grew 4.6% YoY in May, improving from the 3.3% YoY growth registered in Apr.

The reversal of the industry’s mobile revenue downward trend was noteworthy (+0.4% YoY in May), largely due to increasing economic normalisation in China, as well as a more benign and rational competitive environment.

On the 5G front, CM and CT appear to be on track in attaining their full-year 5G sub targets. We believe it is likely that 5G adoption will continue to gain pace in 2H20, as price plans and more affordable handsets targeting the mass market are introduced.

Separately, CM and China Broadcasting Network (CBN) have entered into an agreement on 5G network co-construction and sharing. Salient points of the agreement include
(a) the joint investment by both in the construction of the 700MHz 5G wireless network and
(b) CM opening up and sharing its 5G network in the 2.6GHz frequency band on a paid basis.

In our view, CM is likely to benefit from this arrangement, given the cost efficiency from the usage of 700 MHz to cover suburban and rural areas.

Still, risks to CT/CU can be mitigated should they share in the 700 MHz network with CM in rural areas in the future, while CBN would likely focus more in niche areas within the mobile market, given the high barriers to entry within the telco sector.

Recently, CM and CT have been included in a list unveiled by the Pentagon involving Chinese companies that are allegedly owned or controlled by China’s military. As we understand, while these designations do not trigger penalties, President Trump will have the prerogative to impose sanctions on these 20 companies.

The situation indeed remains fluid and extremely unclear, but based on various hypothetical scenarios, we believe the impact to both companies is unlikely to be negative from a fundamental point of view.

Still, within the broader China TMT space, we believe that investors should continue to remain positioned in Alibaba (9988 HK/BABA US) for its exposure to the structural growth in digitisation and e-commerce, as well as Xiaomi (1810 HK) for the potential recovery in smartphone shipments ex-China and share gain from Huawei.

Within the China telco space specifically, while we note the acceleration in industry revenue growth, we acknowledge the market’s general concerns over geopolitics as well as the lack of immediate catalysts for the telcos.

Thus, we prefer to remain selective, and maintain our relative preference for China Telecom (728 HK) over China Mobile (941 HK) for the value play that it offers, given that it is trading at a consensus forward P/B of 0.43x (>2 S.D. below the 5-year mean) with a forward yield of 5.7%.

Source: OCBC
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Re: Telecoms, Mobile Phones, 5G etc.

Postby winston » Tue Aug 04, 2020 8:48 am

not vested

Technology - Handsets
5G phones to lead recovery post lockdown


2Q20 global smartphone shipments fell 24% yoy; China declined by 17% yoy.

We like components suppliers for Huawei and Apple given the two makers’ resilient smartphone sales and bright shipments outlook.

Reiterate Add on the China smartphone sector as we see strong smartphone shipment recovery in 2H20F, driven by fast 5G penetration in many countries.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... C204548646
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Re: Telecoms, Mobile Phones, 5G etc.

Postby winston » Fri Sep 18, 2020 11:42 am

IDC: Low-to-mid Range Smartphones To Steer Mkt This Yr

73% of the 2020E worldwide smartphone shipments were expected to be priced below US$400 under heavier downward economic pressure, according to IDC's report.

Equally, global smartphone value will likely drop 7.9% YoY to US$422.4 billion this year, as consumers are turning to low-to-mid range phones.

Source: AAStocks Financial News
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