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ZTE declines 1% But Citi reiterates bullish view

Source: Internet
Author: User
Keywords Premium HKD Citi
Tags based global telecoms higher higher than integration market market price short-term
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ZTE shares fell 1.3% to HK $26.6 this morning, trading 675,300 shares.　　Citigroup issued a report saying it reiterated the buying rating of the unit, with a target price of HK $33, which is 24% higher than the market price. Citi is still bullish on ZTE because its short-term earnings growth (2009/10 30%/25%) is guaranteed by growth in domestic capital spending while benefiting from the integration of the global telecoms equipment industry. Citigroup also said price competition remains fierce, but gross profits are expected to remain stable, thanks to the sharing of common parts of the product line (ZTE is based on WCDMA, CDMA2000 and TD-SCDMA standard production of wireless communication systems) and a mature local supply chain.

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