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

23/10/2020 16:47

{I-bank focus}Goldman raises China Telecom (00728) to HK$3.2

[ET Net News Agency, 23 October 2020] Goldman Sachs tweaked its target price for China
Telecom (CT) (00728) to HK$3.2 from HK$3.1 and maintained its "buy" rating.
The research house said CT's 3Q EBITDA/net income account for 24.7%/23.5% of Goldman's
2020 estimates, versus 24.5%/21.8% in 3Q 2019. Comparing to peers, CT outperformed the
industry average across multiple metrics.
Factoring in 3Q results, Goldman revised up its 2020-22 earnings forecasts by
3.3%/1.2%/1.4% respectively. It expects the company to continue gaining market share in
the mobile segment going forward, given its best-in-class network quality, attractive
pricing, and strategic alliance with China Unicom (00762). (KL)

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