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Nomura lifts ZTE Corporation (00763) to HK$27

  Nomura lifted its target price for ZTE Corporation
(00763) to HK$27 from HK$25, and reiterated its "neutral" rating.
  The research house said ZTE reported a solid growth in revenue and bottom-line in
FY2017. Excluding one-off gains, the normalised earnings also grew healthily for ZTE,
indicating a gradual recovery in fundamentals.
  Nomura believes a strong data traffic growth momentum due to policy headwinds and
competition in the telco segment will help to increase equipment demand during a capex 
down cycle which should benefit ZTE.
  On the other hand, Nomura still see uncertainties in 5G deployment in terms of timing, 
scale and technology. Hence, it lowered its FY2018-19 earnings forecasts slightly by 2-3%,
while it believes ZTE will stick to its minimum requirement for the stock incentive plan.

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