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<Research>UBS: CHINA TELECOM (00728.HK) Service Rev. Growth Lags Peers on Corporate Biz Slowdown
Recommend 25 Positive 29 Negative 19 |
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CHINA TELECOM (00728.HK)'s 1Q25 service revenue rose 0.3% YoY to RMB124.7 billion, 4% below market consensus, mainly due to a slowdown in its corporate business caused by macro headwinds, and management previously guided that it will exercise selective control over the profitability of corporate projects, UBS released a research report saying. CHINA TELECOM's quarterly service revenue growth lagged behind that of CHINA MOBILE (00941.HK) and CHINA UNICOM (00762.HK), while net profit growth of 3.5% was broadly in line with that of CHINA MOBILE and lower than CHINA UNICOM's 5.6%. UBS lowered its 2025-2027 service revenue/ net profit forecasts for CHINA TELECOM by 2-8%, reflecting slower corporate business growth and faster depreciation growth. Therefore, the broker cut its target price to $6.6 from $6.8, with rating kept at Buy. AAStocks Financial News |
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