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00728 CHINA TELECOM
RTNominal up4.190 +0.100 (+2.445%)
Others

28/11/2019 16:43

{I-bank focus}Goldman lowers China Telecom (00728) to HK$4

[ET Net News Agency, 28 November 2019] Goldman Sachs lowered its target price for China
Telecom (CT)(00728) to HK$4 from HK$5 and maintained its "buy" rating.
The research house cut its 2019-2021 EPS forecasts by 8%-31% and raised capex estimates
by 9%. It said CT is currently trading at trough 12m forward EV/EBITDA. Goldman believes
further monthly revenue recovery should lead to share price re-rating.
Goldman raised its 2019-2021 5G base station forecasts from 140k/600k/800k to
160k/1mn/1.1mn to reflect its expectations of a faster 5G rollout in China. As a result of
the higher 5G base station assumptions, Goldman raised its wireless capex forecast for the
telco. Specifically, it raised CT's 2020/2021 capex by 9%. (KL)

Remark: Real time quote last updated: 28/03/2024 17:14
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