20150623-瑞银证券-中兴通讯(0763):BENEFICIARY_OF_GOVERNMENT_POLICY;UPGRADE_TO_BUY-815719

$中兴通讯(hk00763)$
We raise our rating from Neutral to Buy for two reasons:1)government policy becomes incrementally positive for ZTE;2)share price pulled back by 15% from recent high.We remain price target at HK$25,which implies 27% upside potential from current share price.We derive our price target from a DCF-based methodology and explicitly forecast long-term valuation drivers using UBS/s VCAM tool with WACC assumption of 9%.
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*声明:文章为作者独立观点,不代表格隆汇立场

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