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Research Report

31/07/2020 11:29

{I-bank focus}Morgan cuts China Telecom (00728) to HK$3.4

[ET Net News Agency, 31 July 2020] Morgan Stanley lowered its target price for China
Telecom (CT)(00728) to HK$3.4 from HK$3.6 and maintained its "overweight" rating.
The research house expects that CT's service revenue growth to underperform due to delay
in completion of ICT projects, to which CT has higher exposure.
Morgan forecast 2Q service revenue of Rmb93.9bn (+3.1%), EBITDA of Rmb32.6bn (-1.5%),
and net profit of Rmb7.9bn (-1.2%). It estimated mobile service revenues will remain flat
at +0.1%, fixed-line revenue will increase by 6%, and the EBITDA margin will fall 1.6ppt
to 34.7%. (KL)

Remark: Real time quote last updated: 23/10/2020 17:59
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