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

20/01/2020 12:21

{I-bank focus}Citi lowers China Telecom (00728) to HK$4.3

[ET Net News Agency, 20 January 2020] Citi Research lowered its target price for China
Telecom (CT)(00728) to HK$4.3 from HK$4.7 and maintained its "buy" rating.
The research house expects that CT will benefit from fixed-line industry growth, which
could be faster than market expectations. Network sharing should help CT improve 5G growth
prospects, and reduce its fixed-line competitive pressure with better fixed/mobile
bundling services. 800MHz spectrum refarm has improved CT's 4G competitive edge and driven
solid market share gain. Improved subs growth and reasonable valuations could provide
share price downside support.
Citi said CT is its top pick among Chinese telcos with mid-to-high single-digit earnings
growth in FY2020-21 and a 4% dividend yield. (KL)

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