3G市场研究报告(pdf 28页)(英文)

3G delays highlight a politicized process. Timing for
3G in China is elusive, and the list of issues is getting longer.
However, strategically 3G is important for China and its telcos.
China Telecom has the most to gain as a new entrant; CMHK and
China Unicom likely face more downside risk.
China telecom companies under our coverage
Ticker Rating 2004E 2005E 2006E 2004E 2005E 2006E 2004E 2005E 2006E
China Telecom 0728.HK CIL-OP 2.53 15,880 10.0 8.4 7.8 4.5 3.9 3.4 2.6 3.0 3.0
China Mobile (HK) 0941.HK IL 22.75 57,393 12.2 11.5 11.7 4.5 3.9 3.7 2.5 3.5 4.3
China Unicom 0762.HK IL 6.00 9,659 13.2 11.5 10.5 4.1 3.6 3.1 2.3 2.6 2.8
Price EV/EBITDA (X) Div Yield (%)
(HK$)
Market cap
(US$mn)

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