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00728 CHINA TELECOM
RTNominal up4.420 +0.030 (+0.683%)
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15/01/2018 17:10

[I-bank focus]Citi lowers China Telecom (00728) to HK$4.2

[ET Net News Agency, 15 January 2018] Citi Research lowered its target price for China
Telecom (CT(00728) to HK$4.2 from HK$4.3, and maintained its "neutral" rating.
The research house expects incumbent fixed-line operator CT to suffer from China
Mobile's (CM)(00941) competition. Fixed broadband competition could add to CT's earnings
growth uncertainty.
However CT, as a leading player, will benefit from fixed-line industry growth, which
could be faster than market expectations. Improved 4G growth and reasonable valuations
could provide share price downside support. 800MHz spectrum refarm could improve CT's 4G
competitive edge and drive solid revenue growth in 2018.
Citi reduced CT's FY2017-19 earnings by 8-11%, mainly on higher D&A cost assumptions.
(KL)

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