Made in China:Tencent,Unicom;CN Infrastructure Construction;Macau;Results

类别:行业研究 机构:德意志银行 研究员:Michael Tong 日期:2017-08-30

Tencent - 2Q: yet an-"Other" broad-based beat with ads at the fore (0700.HK,Buy, Target Price: HKD 347.00Closing Price: HKD 323.20, Alan Hellawell)。

    Tencent delivered strong 2Q rev of RMB56.6b, 9%/7% higher than DBe/ thestreet, driven by impressive growth across-the-board. Ad revenuereaccelerated to RMB10b (+55% YoY; 7% ahead of DBe) thanks to a video adsrecovery. Payments and cloud in "Others" surged to RMB9.7b (DBe RMB7.8b).Mobile game rev of RMB14.8b (+54% YoY) was 5% ahead of DBe driven byHoK and various new titles. Non-GAAP net income was in-line with DBe onVAS margin weakness. Strength across mobile games, ads, payments andcloud all lead us to reiterate Buy. (Alan Hellawell – 85222036240)。

    China Unicom - Mixed ownership: a mixed bag (0762.HK, Buy, Target Price:

    HKD 13.50, Closing Price: HKD 11.94, James Wang)。

    The mixed ownership announcement was broadly in line with news flows todatearound the investment size and employee share scheme (e.g. Reutersarticle 22June). That said, details were limited around what benefits thesestrategic investors will bring and under what circumstances the employeeshares will vest, and given the recent run-up in share price, we suspect somemay be disappointed. Operationally, the results from cooperation with internetcompanies were encouraging. Hence, we believe the company’s recoveryremains on track and that it will likely find ways to leverage off the newstrategic investors; retain Buy. (James Wang - 85222036145)。

    China Infrastructure Construction - Exposure matters (Sky Hong)。

    The share prices of Chinese constructors historically tended to move togetheras investors largely viewed them as homogenous. However, with exposure (i.e.construction vs. non-construction; domestic vs. overseas; cash vs. PPP) andother differentiation, we expect the share prices to diverge ahead. We preferCCC as valuation cross-checks suggest that its construction business trades at4x (vs. 7x for CRG-H and CRCC-H) despite a healthier end-market exposure.We also like CSCI for its stronger growth and balance sheet. On valuation, wereiterate Sells on CRG-A and CRCC-A, and initiate coverage on CCC-A with aSell. (Sky Hong – 85222036131)。

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