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 released its 1H25 earnings. Revenue went up by 2.8%/0.2% YoY/HoH to RMB49.6bn (vs. BBG consensus: RMB49.7bn).</li><li>NP went up by 8.0%/6.6% YoY/HoH to RMB5.8bn (vs. BBG consensus: RMB5.7bn). NPM slightly improved to 11.6%, 0.6ppt higher than 1H24/FY24.</li><li>1H25 revenue/NP accounted for 49%/50% of our FY25 projections, similar to 1H24. 1H25 EBITDA increased by 3.6% YoY to RMB34.2bn; while EBITDA margin was 69.0% (vs. 68.5% in 1H24). </li></ul>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 released its 1H25 earnings. Revenue went up by 2.8%/0.2% YoY/HoH to RMB49.6bn (vs. BBG consensus: RMB49.7bn).NP went up by 8.0%/6.6% YoY/HoH to RMB5.8bn (vs. BBG consensus: RMB5.7bn). NPM slightly improved to 11.6%, 0.6ppt higher than 1H24/FY24.1H25 revenue/NP accounted for 49%/50% of our FY25 projections, similar to 1H24. 1H25 EBITDA increased by 3.6% YoY to RMB34.2bn; while EBITDA margin was 69.0% (vs. 68.5% in 1H24). 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) - 1H25 Results In-Line; Maintain HOLD

Derivatives and Quantitative Strategist

Gaudenz Schneider

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> / <a href="https://www.smartkarma.com/entities/china-mobile-ltd-cca8f162-fa93-4d59-944e-86bad7251e5c" target="_blank" data-smartkarma-citation="entities:35371:1" rel="noopener">China Mobile (600941 CH)</a> will release 2024 interim results on Thursday, 7 August 2025. The stock is a key constituent of the HSI and HSCEI.</li>
<li>
Highlights: Past earnings moves have been modest, but the options skew hints at potential for surprises. Dividend decision also due.</li>
<li>
Why Read: Helps time exposure and evaluate short-term risks ahead of results and dividend announcement for cash investors and option traders.</li>
</ul>



China Mobile (941 HK) / China Mobile (600941 CH) will release 2024 interim results on Thursday, 7 August 2025. The stock is a key constituent of the HSI and HSCEI.

Highlights: Past earnings moves have been modest, but the options skew hints at potential for surprises. Dividend decision also due.

Why Read: Helps time exposure and evaluate short-term risks ahead of results and dividend announcement for cash investors and option traders.


China Mobile (941 HK) Results on 7 Aug: Low Volatility History Faces Test

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>A challenging week for HK single stocks, with weak breadth and sharp losses punctuated by a gap lower to start the week.</li>
<li>Monday marked the highest options volume day of the year, with a spike in the Put/Call ratio and unusual ETF option activity.</li>
<li>Implied vols surged, with the average implied vol percentile at very elevated levels.</li>
</ul>


A challenging week for HK single stocks, with weak breadth and sharp losses punctuated by a gap lower to start the week.
Monday marked the highest options volume day of the year, with a spike in the Put/Call ratio and unusual ETF option activity.
Implied vols surged, with the average implied vol percentile at very elevated levels.


Hong Kong Single Stock Options Weekly (Apr 07–11): Vol Spikes, Breadth Cracks & ETF Activity Surges

Hang Seng China Enterprises Index / Equity Derivatives

Hang Seng China Enterprises Index (HSCEI INDEX)

<ul>
<li>Weekly recap of key option metrics across single stocks, including most active names and strikes, largest volume increases, biggest movers, and key earnings reports.</li>
<li>Post-Earnings performance of Tencent, Xiaomi, Anta, and China Tower analyzed.</li>
<li>Financials take center stage with several major earnings releases on deck this week.</li>
</ul>


Weekly recap of key option metrics across single stocks, including most active names and strikes, largest volume increases, biggest movers, and key earnings reports.
Post-Earnings performance of Tencent, Xiaomi, Anta, and China Tower analyzed.
Financials take center stage with several major earnings releases on deck this week.


Hong Kong Single Stock Options Weekly (Mar 17–21): Tencent, Xiaomi, and Financials in the Spotlight

<ul><li>China Tower released its FY24 results. Revenue went up by 4.0% YoY to RMB97.8bn, in-line with our estimate and Bloomberg consensus.</li><li>Net profit went up by 10.0% to RMB10.7bn, 1.8% above our estimate but 2.2% below Bloomberg consensus.</li><li>By segment, Tower revenue (77% of total revenue) was RMB75.7bn, up 0.9% YoY, while DAS (9%) and Two Wings (14%) business continued to grow at double-digits, reaching RMB8.4bn (18% YoY) and RMB13.4bn (16% YoY). </li></ul>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 released its FY24 results. Revenue went up by 4.0% YoY to RMB97.8bn, in-line with our estimate and Bloomberg consensus.Net profit went up by 10.0% to RMB10.7bn, 1.8% above our estimate but 2.2% below Bloomberg consensus.By segment, Tower revenue (77% of total revenue) was RMB75.7bn, up 0.9% YoY, while DAS (9%) and Two Wings (14%) business continued to grow at double-digits, reaching RMB8.4bn (18% YoY) and RMB13.4bn (16% YoY). 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) - 2024 Results In-Line with Expectations; Maintain HOLD

China

China Tower Corporation Limited is a state-owned telecommunication company that provides telecommunication tower infrastructure services, including construction, maintenance, and operation of base station ancillary facilities. The company also offers distributed antenna systems, smart tower services, and energy solutions like power backup and battery exchange. It was founded in July 2014 and is headquartered in Beijing, China.

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China Tower (788 HK)