HSBC Global Research reduced its target price for China Telecom (00728) to HK$4.8 from HK$5 and maintained its "buy" rating.
The research house said it will watch China Telecom's tone at half-year results on 22 August with interest. It was less interested with 4G in sharing, but it may be keener to share with 5G.
Being the largest residential fixed-line operator in China in terms of the number of subscribers, China Telecom relies heavily on cash inflows from the broadband business.
More aggressive broadband pricing from China Mobile (00941) would further hit the market leader's position, cash flow, and profit outlook.
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