China Communications Services Corporation Limited (CCS) released its 2020 annual results, which were in line with our expectations. We cut our net profit forecasts for 2021F and 2022F after factoring in slower revenue growth and lower gross profit margin assumptions. CCS is trading at low valuation and offers a decent yield. We reiterate our ADD rating, with a lower target price of HK$6.14, based on 10x 2021 P/E. .