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00763 ZTE
RTNominal down15.640 -0.260 (-1.635%)
Research Report

31/12/2020 16:36

CMBIS starts ZTE Corporation (00763) at "buy" and HK$26.32

[ET Net News Agency, 31 December 2020] CMB International Securities (CMBIS) initiated
coverage on ZTE Corporation (00763) with a "buy" rating and a target price of HK$26.32.
The research house believes global 5G deployment will accelerate in FY2021-22 following
the COVID-19 delay, and ZTE is well leveraged to benefit from a multi-year 5G investment
cycle.
CMBIS is positive on ZTE's outlook in FY2021-22, backed by a strong 5G product
portfolio, global share gain, solid R&D capability, and improving profitability. It
estimated 13%/29% revenue/net profit FY2020-22 CAGR.
CMBIS expects Chinese telcos to maintain stable capex growth in FY2021, and ZTE is set
to benefit from capturing 35% domestic market share in FY2021-22. (KL)

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