CITIC TELECOM(1883.HK):NDR TAKEAWAYS: INVESTORS FOCUSING ON MACAU BUSINESS
星展银行有限公司2013-08-13
CTM's weak handset sales in 1H13 had limited earnings impact due to low profit margin New fixed-line entrant in Macau is unlikely to have financial strength to build a competitive network and therefore will not be a threat New refinancing plan allows flexible dividend distribution Overall outlook is stable with 4.4% yield; Maintain BUY with TP of HK$2.6