[ET Net News Agency, 11 August 2021] HSBC Global Research raised its target price for
China Telecom (00728) to HK$4 from HK$3.8 and maintained its "buy" rating.
The research house said 1H21 results were substantially ahead of its estimates, notably
in the Industrial business. The 4.6%/7.6% increase in its 2021/22 sales estimate is
primarily driven by changes in this segment, with -0.5%/2.7% changes in EBITDA reflecting
higher personnel costs (in particular) as well as network charges. (RC)