HSBC Global Research lowered its target prices for China Mobile, China Unicom, and China Telecom after factoring in lower estimates and a downgrade for China Tower (00788).
It reduced its estimates for the telecom operators to reflect the lower estimates and valuation of China Tower. HSBC's new fair equity value of China Tower is at RMB195bn compared to RMB300bn previously.
HSBC's revised target prices for the trio are as follows:
Name Target Price Rating
-------------------------------------------------
China Mobile (00941) HK$79 to HK$78 Buy
China Unicom (00762) HK$10.9 to HK$10.4 Buy
China Telecom (00728) HK$4.8 to HK$4.6 Buy
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