A 2nd NZ player in the telco space is fixed line infrastructure business CNU which delivered a solid result last week although increased capex rattled the shares. We remain cautious and believe the prospect of more intense 5G wireless broadband competition and consumer affordability will make it harder for CNU moving forward and the stock is simply rich in our opinion.
- We see no reason to buy CNU above $7.
MM in neutral CNU around $7.40
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