报告名称：China Telecom Corp ltd Alert(00728.HK)Data delivers in 1H
报告类型：港股研究
报告日期：2015-08-19
研究机构：德意志银行
股票名称：中国电信
股票代码：CHA,00728
页数：1
简介：Strong result, as data demand drives mobile ARPU
CT reported flat revenue, but kept opex flat as well, allowing it to eke out 0.4%EBITDA growth to RMB50.7bn. Net profit of RMB11.0bn however fell 4% YoYon the 3% rise in D&A. A strong QoQ improvement was evident, leaving thecompany able to meet 2015 Bloomberg consensus NPAT forecast ofRMB19.6bn even with a 4% HoH decline. However, with data price cuts tocome through in 2H we expect the Street to remain on the conservative side.Strong data demand (+43% per 3G & 4G user) drove the result, pushinginternet and VAS revenues to 57% of service revenue, vs. 51% in 1H14.Adjusted for VAT NPAT rose 11.3%. While VAT was a dampener its averagemonthly impact fell to RMB460m, from RMB540m in 2H14.
Momentum was strong
CT’s recent strong momentum in mobile has continued with its Julysubscribers up 820k subs, in-line with previous months. Mobile servicerevenue advanced 7% HoH on volume led strength, while in wirelinebroadband FTTH subs jumped from 43m in 12.2014 to 54m. .From a quarterlyperspective EBITDA growth was 6.9% qoq driven by solid revenue growth of2.5% while costs were up 0.6%.
TowerCo & 4G build out
4G base station guidance for 2015 was lifted to 510k from 320k (which itreached by mid-year). With CU recently indicating that it is targeting 1.2m 3G& 4G base stations, the pace of the network roll-out from CU and CT has beenfaster than what we expected. By comparison CM had 720k in 12/2014. Thereappears urgency to narrow the network quality gap. CT’s 4G network has beenbuilt into county-level cities, and featured 29m 4G subs, so will need to pushhard in 2H to reach its 60m target. On FTTX, 180m homes passed are targetedthis year, vs. 53m in 2014.

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