Goldman Sachs lowered its target price for China Telecom (00728) to HK$5 from HK$5.1 and maintained its "buy" rating.
The research house expects CT to continue to gain market share going forward. In the near-term, Goldman sees the company well-positioned for upcoming MNP (Mobile Number Portability) implementation with best-in-class network quality and attractive pricing.
In the longer-term, Goldman believes the strategic alliance with China Unicom (00762) will enable the company to further increase subscriber share going into the 5G cycle.
Factoring in (1) weaker-than-expected 1H results, (2) increased mobile subscriber market share, and (3) revised HKD/CNY forex assumptions (from 1.17 to 1.1), Goldman lowered its 2019-2021 EPS forecasts by 2%-4%.
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