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  • Wed, Oct. 19, 11:02 AM
    • China Unicom (NYSE:CHU) is up 2.3% in U.S. trading despite noting preliminary profits that are set to slide for the first nine months of the year as it invested to keep up with market leader China Mobile (NYSE:CHL).
    • A turnaround may be in the offing, though, as the company's heavy network investments in 4G begin to pay off with subscriber additions.
    • Preliminary net income tumbled to about 1.59B yuan (about $236M), vs. 8.18B yuan ($1.21B) in the prior year's first nine months.
    • In just September, though, the company expects record net additions of 6.05M 4G subscribers, well up from August's 5M. Overall, it added about 9.76M wireless subs, bringing its total to 262M.
    • Full earnings are set to come on Thursday.
    | Wed, Oct. 19, 11:02 AM
  • Fri, Sep. 23, 11:31 AM
    • Goldman Sachs has changed its mind on China's state-owned telecoms, and made a switch.
    • In favor now is China Unicom (CHU +0.1%), added to the firm's Conviction Buy list from a previous Neutral stance, while China Mobile (CHL -1%) gets a downgrade to Neutral.
    • China Mobile declined 0.9% in Hong Kong today, while China Unicom picked up 4.3%.
    • China Mobile, the country's 4G market leader, is having the better year -- up 10.2% YTD in U.S. trading, vs. China Unicom's gain of 1.4% -- so analyst Donald Lu sees Unicom as "glass half full" and China Mobile as "half empty."
    • Rapid data growth is tailing off at China Mobile (170% to 104% from Q1 to Q2) and is heading to 72% in 2017, Lu says, while Unicom has 4G penetration of just 30% (vs. China Mobile's 54% and China Telecom's (CHA -0.1%) 46%).
    • China Unicom also has the biggest exposure to China Tower, which Goldman estimates is worth $47B and is headed for an IPO next year. That firm owns 98% of China's telecom towers.
    | Fri, Sep. 23, 11:31 AM | 1 Comment
  • Tue, Sep. 6, 3:31 AM
    • Tencent Holdings (OTCPK:TCEHY) has become the most valuable company in Asia, beating out state-owned telecom China Mobile (NYSE:CHL) and entering the realm of the world's top 10.
    • The company's shares closed 4.2% higher at HK$210.20 in Hong Kong on Monday, lifting its market capitalization to HK$1.99T ($256.6B).
    • Tencent is best known for operating China's biggest messaging service QQ and WeChat. It also offers online payment services, cloud storage and entertainment.
    | Tue, Sep. 6, 3:31 AM
  • Wed, Aug. 31, 4:46 AM
    • S&P 500 remains vulnerable to a pull-back into early Sept. before rebounding into end of month, where U.S. market should hit an important medium-term top, UBS technical analysts write in a note to clients.
    • As long as S&P trades below 2194, the market remains vulnerable for more consolidation; support at 2150 and 2134/2120.
    • With the market starting to anticipate rising interest rates, defensive sectors are losing further ground, while financials are gaining momentum relatively.
    • In a separate note, UBS said the odds of a stock-market crash are rising, noting that equities are trading at very high multiples and don’t appear to be pricing level of macro risk “that we’re witnessing in the market."
    • Firm favors high-quality stocks with improving fundamentals and sustainable levels of gearing, such as: Alphabet (NASDAQ:GOOG), Nestle (OTCPK:NSRGF) , NTT DoCoMo (NYSE:DCM), China Mobile (NYSE:CHL) , and Amcor (OTC:AMCRF).
    | Wed, Aug. 31, 4:46 AM | 8 Comments
  • Tue, Aug. 30, 3:28 PM
    • China Mobile Limited (NYSE:CHL) had declared $0.959864/share semi-annual dividend, 24.5% increase from prior dividend of $0.771145.
    • Payable Oct. 11; for shareholders of record Sept. 1; ex-div Aug. 30.
    | Tue, Aug. 30, 3:28 PM | 5 Comments
  • Wed, Aug. 17, 8:45 AM
    • Nokia (NYSE:NOK) has been awarded over 30% of China Mobile's (NYSE:CHL) project to construct a 100G optical network in support of its rollout of mobile broadband services for the world's largest 4G network.
    • The company's innovative optical technologies will help China Mobile achieve its ambitious "Broadband China" strategy.
    | Wed, Aug. 17, 8:45 AM | 10 Comments
  • Tue, Jan. 19, 11:24 AM
    • China Mobile (NYSE:CHL) is up 3.7% in U.S. trading following an upgrade from Deutsche Bank, to Buy from a previous Hold.
    • The firm's Peter Milliken says DB sees 30% upside, noting that there's the possibility of an earnings surprise on the revenue side, and that they expect the dividend payout ratio to jump to 50% (driving a 3.8% yield this year) with a special dividend possible the next year.
    • Valuation (EV/EBITDA) looks cheap by one standard deviation, he says, compared to its 10-year range, while many Asian telco peers are at median valuations or better.
    • China Mobile's two smaller competitors moved up last week on a plan to team up on rural 4G buildout. Today in U.S. trading: CHU +2.1%; CHA +2.8%.
    | Tue, Jan. 19, 11:24 AM | 1 Comment
  • Wed, Jan. 13, 11:49 AM
    • China Telecom (CHA +3.8%) and China Unicom (CHU +2.6%) are both up in U.S. trading, following on gains in China, after the smaller two of China's big three telecoms formed a deal to share a 4G buildout.
    • China Telecom and China Unicom both finished today up 3.8% in Hong Kong. Market leader China Mobile (NYSE:CHL) finished up 2.5% in Hong Kong and is up 1.5% in U.S. trading.
    • Worried that China Mobile is too big, the two smaller telecoms set a five-point future cooperation agreement, with the key being a potentially expensive rural build of the 4G network -- short of a merger that the new deal likely tables.
    • “Capex savings of 30-40% of the shared rural 4G network is possible (versus building alone) and related opex savings likely closer to 50%," says Bernstein Research's Chris Lane. Specifically, 19.1B yuan ($2.9B) and 18.6B yuan ($2.8B) in capex savings for China Telecom and China Unicom over the next five years.
    | Wed, Jan. 13, 11:49 AM | 2 Comments
  • Nov. 27, 2015, 7:38 AM
    • China Mobile's (NYSE:CHL) CM TieTong has agreed to purchase assets from affiliate TieTong for as much as 32.9B yuan ($5.1B).
    • According to a regulatory filing in Hong Kong, CM TieTong agreed to buy the assets for 31.9B yuan, though the payment may increase by as much as 1B yuan.
    | Nov. 27, 2015, 7:38 AM
  • Nov. 5, 2015, 9:39 PM
    • Market-leading Chinese telecom China Mobile (NYSE:CHL) is down 1.6% in Hong Kong Friday morning after a report in China's 21st Century Business Herald drops the rumor that its smaller rivals, China Telecom (NYSE:CHA) and China Unicom (NYSE:CHU), are set to share 4G base stations.
    • The smaller firms have a correspondingly smaller 4G base as China Mobile has made more inroads there. China Mobile has close to 250M 4G subscribers. China Telecom has fewer than 40M, and China Unicom (which doesn't specify its numbers) is targeting 100M by year-end.
    • Last month, Deutsche Bank noted that ""ARPU improvement has been elusive for CU due to its slower 4G ramp up vs. the peers and the flight to quality that seems to have occurred for users."
    • China Telecom is down 0.5% in Hong Kong, while China Unicom is down 0.4%.
    • Previously: China Mobile misses in Q3 despite rising earnings (Oct. 20 2015)
    • Previously: Chinese telecoms may gain if deregulation accelerates (Oct. 15 2015)
    | Nov. 5, 2015, 9:39 PM | 1 Comment
  • Oct. 20, 2015, 9:55 AM
    • China Mobile (CHL +0.3%) missed Q3 earnings expectations despite net income that rose 13% and revenue gains amid continuing customer growth that is slowing over the long term.
    • Earnings of 28.2B yuan ($4.4B) were derived from nine-month results and marked the highest quarterly growth in at least five years. EBITDA of 65.5B yuan beat an expected 62.8B yuan.
    • Revenues of 172B yuan were up 9.9%.
    • The company added 2.761M total new customers to end September with 822.9M; 4G customers increased by 18M, to 247.6M. Meanwhile, 3G users fell to 195.3M; 4G users surpassed 3G for the first time in August.
    • Mobile data traffic was up 151%; average minutes per user down to 434/month and ARPU fell slightly to 61 yuan/month from a year-ago 62 yuan/month.
    | Oct. 20, 2015, 9:55 AM
  • Oct. 15, 2015, 8:38 PM
    | Oct. 15, 2015, 8:38 PM
  • Oct. 14, 2015, 9:49 AM
    • Following earlier moves (and moves yesterday) in Hong Kong, the big three Chinese telecoms are up in U.S. trading after a reorg saw China following through on putting 231.4B yuan (about $36B) of infrastructure into a towers spinoff.
    • As expected, China Tower Corp. will be 38% owned by China Mobile (CHL +1.4%), and China Unicom (CHU +6.5%) and China Telecom (CHA +3.8%) will have about 28.1% and 27.8% respectively.
    • China Reform Holdings will own about 6%.
    • The move should help overhaul a bloated state sector as it cuts redundancy among assets and helps build out better and faster networks -- including building a network of electric car charging stations, Bloomberg said.
    • Earlier in Hong Kong, China Mobile finished down 1.6%; China Unicom up 0.4%; and China Telecom up 1%.
    • Previously: China Unicom may have most to gain from planned towers spinoff (Oct. 13 2015)
    • Previously: China telecoms up on reports of investment in China Tower venture (Oct. 12 2015)
    | Oct. 14, 2015, 9:49 AM | 1 Comment
  • Oct. 13, 2015, 10:08 AM
    • A second day of rallies got started for Chinese telecom firms after news that China Reform Holdings would put more than 10B yuan into the big three's towers spinoff.
    • Market leader China Mobile (CHL -0.6%) ended up in negative territory in Hong Kong, however, closing down 0.6%. China Telecom (CHA +2%) closed up 1.5%, while China Unicom (CHU +2.6%) closed up 4.1%.
    • China Unicom has the most to gain from tower reform, with the largest number of towers on a market-cap basis. China Unicom has 190,000 towers and a $33B market cap, while China Telecom has 125,000 towers with a $42.6B capitalization, and China Mobile has 450,000 towers with its $246B capitalization.
    • China Unicom could gain 23% off of the tower spinoff, says Nomura's Leping Huang: "Assuming China Reform takes a 6% stake, and CM/CU/CT maintain their 40:30:30 shareholding ratio, we estimate their stake in TowerCo is around 23% of CU’s current market cap, 18% of CT’s market cap and 4% of CM’s market cap, respectively."
    • Previously: China telecoms up on reports of investment in China Tower venture (Oct. 12 2015)
    | Oct. 13, 2015, 10:08 AM | 1 Comment
  • Oct. 12, 2015, 9:34 AM
    • China's big three telecoms have opened higher now that a spinoff of their tower assets is now more likely by the end of the month, amid reports that China Reform Holdings will inject more than 10B yuan ($1.58B) into the towers venture.
    • China Tower, the planned venture, would give China Reform Holdings a 6% stake in return for the investment. China Mobile (CHL +1.3%), China Unicom (CHU +5.1%) and China Telecom (CHA +3.6%) plan to take proportional stakes of 38%, 28.1% and 27.8% respectively.
    • Shares of the three moved up on heavy volume in Hong Kong: China Mobile +1.4%, China Unicom +5.7%, and China Telecom +4.2%. (via Barron's Asia)
    | Oct. 12, 2015, 9:34 AM | 1 Comment
  • Sep. 21, 2015, 9:44 AM
    • Market leader China Mobile (CHL +2.7%) led mobile subscriber adds among the big three Chinese wireless firms for August, while China Unicom (CHU +0.8%) shed subs in a few areas as the month's customer numbers came in.
    • China Mobile added 1.3M net subscribers for mobile, to hit 820.1M customers, and its 4G base grew to 229.2M subs from 208.8M, while 3G customers fell to 202.6M from 209.8M.
    • Unicom lost 556,000 mobile subs to end up with 287.8M in August. The company lost 278,000 local access subs to end August with 77.4M. Mobile broadband users grew, though, by 4.7M subs to 167.6M, and fixed broadband grew by 478,000 to 71.53M.
    • Meanwhile, China Telecom (CHA +1.2%) added 900,000 mobile subs to end the month with 193.1M. It also grew fixed broadband slightly, to 110.5M accesses from 110M, and fixed telephony shrank slightly, to 137.6M lines in services from the previous 138.4M.
    | Sep. 21, 2015, 9:44 AM | 4 Comments