China Telco Comps

(as of 18/10/19)
Ticker Company Share price (local) Market cap (US$MM) Firm value (US$MM) 2019E FV/Sales 2020E FV/Sales 2019E FV/EBITDA 2020E FV/EBITDA 2019E P/E 2020E P/E
Hong Kong Telcos
0008.HK PCCW 电讯盈科 4.53 4,483MM 11,344MM 2.2x 2.2x 7.0x 6.8x 42.7x 33.8x
1310.HK HKBN 香港宽频 15.02 2,526MM 3,046MM 4.6x 3.5x 14.5x 9.9x 34.6x 26.6x
0315.HK SmarTone Telecommunications Holdings 数码通电讯集团 6.82 980MM 963MM 0.8x 0.8x 4.1x 4.2x 12.4x 13.5x
0215.HK Hutchison Telecommunications Hong Kong Holdings 和记电讯香港控股 1.40 865MM 239MM 0.3x 0.3x 1.5x 1.5x 18.2x 18.9x
Mean 2.0x 1.7x 6.8x 5.6x 27.0x 23.2x
Median 1.5x 1.5x 5.6x 5.5x 26.4x 22.8x
China Telcos
0941.HK China Mobile 中国移动 66.35 174,173MM 124,383MM 1.2x 1.2x 3.1x 3.0x 11.1x 11.1x
0788.HK China Tower 中国铁塔 1.70 38,361MM 55,536MM 5.1x 4.6x 7.8x 7.1x 51.5x 33.3x
0728.HK China Telecom 中国电信 3.60 37,353MM 51,849MM 0.9x 0.9x 3.2x 3.1x 11.9x 11.2x
0762.HK China Unicom (Hong Kong) 中国联合网络通信(香港) 8.34 32,716MM 32,641MM 0.8x 0.8x 2.5x 2.3x 17.9x 13.2x
600050.SH China United Network Communications 中国联合网络通信 6.16 26,551MM 27,479MM 0.7x 0.6x 2.4x 2.2x 33.4x 25.0x
6823.HK HKT Trust and HKT 香港电讯信托与香港电讯 12.42 12,057MM 17,299MM 3.9x 3.8x 10.5x 10.3x 18.1x 17.4x
0552.HK China Communications Services 中国通信服务 4.65 4,129MM 1,401MM 0.1x 0.1x 2.3x 2.1x 9.4x 8.3x
300383.SZ 北京光环新网科技 18.66 3,997MM 4,189MM 3.8x 2.9x 20.5x 15.9x 31.9x 23.8x
300017.SZ 网宿科技 9.69 3,274MM 3,084MM 3.2x 2.8x 16.6x 15.5x 28.1x 28.9x
600804.SH Dr.Peng Telecom&Media Group 鹏博士电信传媒集团 6.58 1,309MM 1,846MM 2.1x 2.2x 5.8x 5.9x 31.8x 30.6x
Mean 2.2x 2.0x 7.5x 6.8x 24.5x 20.3x
Median 1.7x 1.7x 4.5x 4.5x 23.1x 20.6x
Chinese Data Centers
GDS GDS Holdings 40.52 5,905MM 7,345MM 12.7x 9.0x 30.1x 20.6x - -
VNET 21Vianet Group, Inc. 8.18 919MM 1,234MM 2.3x 1.9x 8.4x 6.8x - -
Mean 7.5x 5.5x 19.2x 13.7x nanx nanx
Median 7.5x 5.5x 19.2x 13.7x nanx nanx