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 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

<ul><li>China Tower released its 1H23 results, posting revenue and NP growth of 2.2% and 14.6% YoY.</li><li>The sales from the legacy business (81% of total revenue) declined by 2.9% YoY, mainly due to additional pricing discount under the new Commercial Pricing Agreement (the number should grow 3.4% YoY under previous agreement).</li><li>Their DAS and Two Wings business grew double-digit (30.4% in 1H23); however, the impact is minimal given their revenue contribution is less than 20%. </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 1H23 results, posting revenue and NP growth of 2.2% and 14.6% YoY.The sales from the legacy business (81% of total revenue) declined by 2.9% YoY, mainly due to additional pricing discount under the new Commercial Pricing Agreement (the number should grow 3.4% YoY under previous agreement).Their DAS and Two Wings business grew double-digit (30.4% in 1H23); however, the impact is minimal given their revenue contribution is less than 20%. 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) – 2Q23 Results In-Line with Expectations

<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>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 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

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) - 2024 Results In-Line with Expectations; Maintain HOLD

China Tower released its FY24 results. Revenue went up by 4.0% YoY to RMB97.8bn, in-line with our estimate and Bloomberg consensus.

CMB International

China Tower (788 HK) – 2Q23 Results In-Line with Expectations

Their DAS and Two Wings business grew double-digit (30.4% in 1H23); however, the impact is minimal given their revenue contribution is less than 20%.

CMB International

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