Contents
1H09F results: a mixed bag 3
At the street level, we see 2G pricing staying flat qoq, which may narrow the yoy
decline in mobile ARPU qoq. We also see the biggest incremental improvement in
execution at ChinaTel. Buy ChinaTel and Unicom, Hold China Mobile.
3
Takeaways from our store visits 3
Estimates and investment recommendation 6
Company profiles 13
China Mobile 14
China Telecom 22
China Unicom 31