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CCTTF - Citic Telecom: Attractive Yield Play But Downside Risks Remain
CITIC Telecom International Holdings Ltd
Elevator Pitch
I downgrade my rating on Citic Telecom International Holdings Ltd. (CCTTF) [HKG:1883], a Hong Kong-listed telecommunications services provider dominant in Macau, from "Bullish" to "Neutral."
This is an update of my initiation article on Citic Telecom published on February 27, 2018. Citic Telecom's share price increased by +56% from HK$2.27 as of February 26, 2018, to a three-year share price peak of HK$3.55 as of March 28, 2019, before correcting back to HK$2.33 as of March 19, 2020, in tandem with the current market sell-off. Citic Telecom currently trades at 5.8 times consensus