Citi Research lifted its target price for China Telecom (00728) to HK$4.7 from HK$3.9 and upgraded its rating to "buy" from "neutral".
The research house expects that CT will benefit from fixed-line industry growth, which could be faster than market expectations. Network sharing should help CT improve 5G growth
prospects, and reduce its fixed-line competitive pressure with better fixed/mobile bundling services.
Citi added that 800MHz spectrum re-farm has improved CT's 4G competitive edge and driven solid market share gain. Improved 4G growth and reasonable valuations could provide share price downside support.
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