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00728 CHINA TELECOM
RTNominal down4.440 -0.010 (-0.225%)
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29/10/2019 17:13

{I-bank focus}Morgan lowers China Telecom (00728) to HK$4.5

[ET Net News Agency, 29 October 2019] Morgan Stanley lowered its target price for China
Telecom (CT)(00728) to HK$4.5 from HK$4.8 and maintained its "overweight" rating.
The research house said CT's 3Q results were in-line with its forecasts. Management
turned more conservative in 2019 outlook as fixed-line remains under pressure.
Following the results, Morgan lowered its 2019 and 2020 service revenue estimates by
3.1% and 3.0%, respectively, EBITDA estimates by 3.8% and 3.6%, and net profit estimates
by 9% and 10%. (KL)

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