[ET Net News Agency, 11 July 2019] Daiwa Research cut its target price for China
Telecom (00728) to HK$4.85 from HK$5.19 and maintained its "buy" rating.
The research house said China Telecom continues to execute well, and ahead of its peers,
in the mobile segment. But Daiwa does not expect it to be completely insulated from
revenue pressures facing the industry in 1H.
Daiwa said China Telecom is broadly on course to meet its mobile division target for
2019 (net additions of 35m). Apart from good execution and competitive offers, Daiwa
thinks the performance may also have been aided by the company's relatively under-utilised
network. Hence, the research house expects these trends to continue and we forecast for
China Telecom's mobile market share to improve from 19.7% in 2018 to 22.9% by 2021.
Daiwa lowered its 2019-21 EPS forecasts by 1-8% to reflect challenges in the fixed-line
business. (KL)
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00728 CHINA TELECOM
Nominal 
4.440 +0.020 (+0.452%) Others
11/07/2019 09:56
[I-bank focus]Daiwa cuts China Telecom (00728) to HK$4.85
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