德银-亚太地区-电信行业-亚太电信业一览：狗年大吉-20180220-23页

20February2018TelecommunicationsAsia-PacTelecomsTelecommunicationsTelecommunicationsIndustryUpdateAsiaAustralasiaJapanIndustryAsia-PacTelecomsDate20February2018DeutscheBankMarketsResearchScreener:YearoftheDogMeasuringrelativevalueinanunderpricedsectorWhiletheAPACex-Japanmarketisbackatpre-GFChighs,telcosneedtorise41%togetthere,andareupjust27%fromGFClows.Asaresult,halfoftheUSD10bn+Asiantelcosnowsellatorbelow12x2018P/E.SectorrelativeP/Ehasdroppedto1.0x,alevelonlyexceededthisdecadeduringtheGFC.While1xmaynotsoundlow,thisisasectorpickingupfromthelowendofitsmargincycle,thatpaysoutthevastmajorityofearnings.Thisreportattemptstoscreenforwherereboundsarepotentiallyavailable,withChinaMobile,Telstra,Singtel,StarHubandChinaTelecomstandingout.CT,CMandTLS,forexample,areclosetotwostandarddeviationscheaponrelativeP/E.Interestingly,Sta