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China Telecom – Benefit from Digitization Trend
Market believes China telecom companies to benefit from industrial and digitization in several segments: (1) Internet of Things (IoT) account for c.10-15% of industrial revenue, recording over 20% CAGR in the past three year; (2) Internet data center account for c.30% of industrial revenue, three listed telcos recorded >10% YoY growth; (3) Cloud business account for c.20% of industrial revenue, at current stage, cloud business is loss-making. In the long run, market believes telcos’ mobile revenue to remain flattish, broadband revenue CAGR at single digit, while industrial digitization revenue CAGR at >20%.
BUD APAC (1876 HK)
BUD APAC’s Q122 revenue and EBITDA were USD1.6b (+1.5% YoY) and USD570m (+7.6% YoY), its earnings beat consensus mainly due to lower-than-expected tax rate and revenue recovery in Korea. Its 1Q21 EBITDA margin increased to 35% (new high). Its management highlighted that the company achieved a record-high EBITDA margin in the quarter on the back of cost control during the pandemic, effective price hike and continuous premiumisation amid higher input costs. Looking ahead, its management believes China market is likely to be impacted by COVID-19 lockdowns than its peers due to high exposure to eastern China and on-premise/ night life channel in the near term; meanwhile, for South Korea market, its management raised its ASP for its premium brand portfolio in 2021 and some domestic brands in 1Q22.
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