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1、Smartphones
2、CHINATELECOMS&TECHNOLOGYNOMURAINTERNATIONAL(HK)LIMITEDLepingHuang,PhD+85222521598leping.huang@nomura.comNEWTHEMEANCHORREPORTTheRMB1,000revolutionStocksforactionTheadventofRMB1,000(circaUS$150)smartphonespromisestorevolutioniseWebelievethemarkethasyettoChi
3、na’stelecomindustryandtheglobalhandsetspace.Aswellasdriving3GrecogniseTCLComasakeysubscribergrowthinChina,weexpecttheavailabilityofaffordable,capableentry-levelbeneficiaryofthegrowingpopularityofsmartphonestoleadtoconsolidationinthedomestichandsetindustry,sincesmalls
4、ocialnetworkservices(SNS)inwhite-boxvendorsdon’thaveareliableupgradepathto3GfromeitherachipsetemergingmarketsorBYDEasaproxysourcingorproductdistributionstandpoint.Moreover,wethinkthesephoneswillhelpforChina3Gsubscribergrowth.ChinesehandsetOEMsmoveuptothemid-rangeprod
5、uctsegment,pavingthewayforafurtherconvergenceintheirvaluationsrelativetohandsetbrandvendors.WePriceStockRatingPricetargetforecastthatChina’ssmartphonemarketwillexpandfrom20mnunitsin2010FtoTCLCom(2618HK)BUY*HK$8.08HK$11.0062mnin2012F,makingittheworld’ssecond-largestsm
6、artphonemarket(aftertheUS)BYDElectronic(285HK)BUYHK$5.13HK$6.00byvolume.WehighlightabroadspectrumofbeneficiariesfromthearrivalofChinaWireless(2369HK)NEUTRAL*HK$4.60HK$4.50DigitalChina(861HK)NEUTRAL*HK$16.04HK$17.00smartphonesforthemasses:handsetvendorssuchasBYDE,TCLC
7、om,ZTEandZTE(763HK)BUYHK$29.95HK$36.00HTC,alongwithretailerGome.Qualcomm,ChinaWirelessandDigitalChinaalsolookHTC(2498TT)BUYNT$894NT$1,000settobenefit,thoughweviewprevailingvaluationsasfair.WeseeMediaTekasaGome(493HK)BUYHK$2.89HK$4.30potentialloserfromthe2G-to-3Gtrans
8、ition.Qualcomm(QCOMUS)NEUTRALUS$51.33US$45.00MediaTek(2454TT)REDUCENT$398NT$275*Initiatingcoverage;pricesasat20Janclose?Chinatobethesecond-largestsmartphonemarketby2012FAnalysts?AndroidtospurconvergenceofhandsetbrandvendorsandOEMsLepingHuang,PhD+85222521598?3Gtransit
9、iontoconsolidateChinesehandsetindustryleping.huang@nomura.comNomuraAsia-ex-JapanResearch?Toppicks:TCLCom,BYDENomuraU.S.ResearchNomu
