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RTNominal down2.470 -0.080 (-3.137%)

03/08/2020 18:01

{I-bank focus}Nomura cuts China Telecom (00728) to HK$2.5

[ET Net News Agency, 3 August 2020] Nomura lowered its target price for China Telecom
(CT)(00728) to HK$2.5 from HK$2.6 and maintained its "neutral" rating.
The research house thinks CT should see improved top-line growth with continued 5G
customer migration as well as reduced market competition. However, HSBC still sees
earnings pressures due to surging costs, and the execution risk associated with its
"co-build co-share" plan should not be overlooked.
HSBC estimated 3.4% growth in 1H for service revenue, while it expects a 6.9% decline in
the bottom line, and EBITDA margin to contract by 1.5pp. It slightly raised its 2020-22
earnings forecast by 0-2%, to reflect the healthy 5G subs growth. (KL)

Remark: Real time quote last updated: 29/10/2020 12:31
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