External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>China Tower announced its new five-year (2023-2027) agreement with China telcos on 14 Dec 2022.</li><li>We view this event as a positive development for the Company as it removes investors’ concerns over a possible significant pricing discount or lower cost markup in the anticipated new agreement.</li><li>In response, the Company’s share price surged 13.41% to close the day (14 Dec) with HK$0.93. Maintain HOLD with TP of HK$1.01.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

China Tower announced its new five-year (2023-2027) agreement with China telcos on 14 Dec 2022.We view this event as a positive development for the Company as it removes investors’ concerns over a possible significant pricing discount or lower cost markup in the anticipated new agreement.In response, the Company’s share price surged 13.41% to close the day (14 Dec) with HK$0.93. Maintain HOLD with TP of HK$1.01.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Tower (788 HK) - A Clearing Event that Investors Have Been Waiting For

Thematic (Sector/Industry)

<div><div><div><div><ul><li>We regard the domestic telecom sector as a defensive play amid macro- economic pressure, consumer weakness, rising uncertainties, etc.</li><li>We expect China telcos to be the most favorable defensive picks with ample FCF, high dividend yield and potential share repo opportunities.</li><li>China Mobile’s (600941 CH/941 HK) share price grew 12.5%/8.3% YTD. The investors’ appetite seems to confirm our previous prediction “Good compound returns (dividends, share repo) in an environment of uncertainty will become more valued by investors.” </li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We regard the domestic telecom sector as a defensive play amid macro- economic pressure, consumer weakness, rising uncertainties, etc.We expect China telcos to be the most favorable defensive picks with ample FCF, high dividend yield and potential share repo opportunities.China Mobile’s (600941 CH/941 HK) share price grew 12.5%/8.3% YTD. The investors’ appetite seems to confirm our previous prediction “Good compound returns (dividends, share repo) in an environment of uncertainty will become more valued by investors.” Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China 5G Sector – Expect telecom names continue to show strength in broad market weakness

China

China Tower Corporation Limited operates as a telecommunication company. The Company provides telecommunication towers construction, towers maintenance, ancillary facilities management, and other services. China Tower provides its services throughout China.

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China Tower (788 HK) - A Clearing Event that Investors Have Been Waiting For

We view this event as a positive development for the Company as it removes investors’ concerns over a possible significant pricing discount or...

CMB International

China 5G Sector – Expect telecom names continue to show strength in broad market weakness

We expect China telcos to be the most favorable defensive picks with ample FCF, high dividend yield and potential share repo opportunities.

CMB International