[ET Net News Agency, 30 October 2017] HSBC Global Research raised its target price for
China Telecom (CT)(00728) to HK$4.8 from HK$4.7 on rollover, and maintained its "buy"
rating.
The research house said CT saw strong momentum in September, posting record-high monthly
net adds in broadband and wireless. In mobile, the company is gaining subscriber share
overall (up 1ppt) and in 4G (up 1.6ppt y-o-y), with strong momentum likely driven by the
popularity of its high capacity data plans, and its bundled offers with broadband and
IPTV.
With ARPU down slightly (RMB56 from RMB56.8), strong net add growth drove wireless
service revenue growth of 12% in 3Q. HSBC made minor changes to its estimates. (KL)