j.p. 摩根-亚洲-电信行业-电信企业对话：亚洲电信业策略-20170903-jpmorgan-one number to rule them all telco conversations asian telco strategy

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1、Completed04Sep201712:07PMHKTDisseminated04Sep201701:48PMHKTAsiaPacificEquityResearch04September2017Onenumbertorulethemall...TelcoConversations:AsianTelcoStrategyWelcometoJ.P.Morgan’s“TelcoConversations”,designedtobringyouup-AsianTelecommunicationsto-datewithourcurrentthinking/fo

2、recastingforAsianTelcos.PleaseletusACJamesR.Sullivan,CFAknowifyouwouldlikearegularcallasacomplementtothisreport.(65)6882-2374james.r.sullivan@jpmorgan.comOnenumbertorulethem…Wearetryingtosaveyoufromouropinions,BloombergJPMASULLIVANwithagreaterfocusonfacts(pleaseseehereforour

3、thoughtsonalternatedataJ.P.MorganSecuritiesSingaporePrivatesetsembeddedintoanalyticalprocess).ThechallengeofsettingtargetpricesLimited/J.P.MorganSecurities(AsiaPacific)involveslotsofopinionsonhowsharepricesshouldwork.Inreality,TelcoLimitedsharepricesactuallyworkinaveryspecificway

4、.TheytradelikeBanks(ROEMichelleWei,CFAtoPricetoBook),notTech(growth),aspreviouslydiscussedhere.Theone(852)2800-8562numberthatshouldbeusedtosetfuturevalueexpectationsforTelcos,inourmichelle.z.wei@jpmorgan.comview,isthereforeareturnoncapital-basedmetric,notearnings.J.P.MorganSecuri

5、ties(AsiaPacific)LimitedVijuKGeorgeSharepricesdoNOTbelieveconsensus2019ROICforecastsforKTCorp(91-22)6157-3597(OW),Vocus(N),ISAT(OW),PCCW(N),LGU+(OW),i.e.,thereisviju.k.george@jpmorgan.comsignificantupsidetocurrentsharepricesifStreetROICforecastsareachieved.J.P.MorganIndiaPrivate

6、LimitedOntheoppositeendofthespectrum,wefindIdea(UW),TrueCorp(N),DigiStanleyYang(UW)wherecurrentsharepriceswillrequiresignificantlyhigherROICthan(82-2)758-5712currentlyforecast.stanley.yang@jpmorgan.comJ.P.MorganSecurities(FarEast)Limited,SeoulBranchWherecouldtheStreetbewrong?JPM

7、estimatesimply>2pptupsidetoStreet2019ROICforecastsforDTAC(OW),ChinaMobile(OW),LGU+RanjanSharma,CFA(OW),SmarTone(N),Telstra(N).>2pptdownsidetoROICforecastsisseen(65)6882-1303ranjan.x.sharma@jpmorgan.comforSTH(UW),Maxis(UW),Digi(UW),M1(UW),AIS(UW).J.P.MorganSecuritiesSingaporePriva

8、teLimitedWhat’sworkinginAsianTelcos:Aug