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<Research>HSBC Research: Top Pick CHINA TELECOM (00728.HK) Among CN Telecoms as Growth to Outpace Peers
Recommend 13 Positive 34 Negative 15 |
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Among Chinese telecoms, CHINA TELECOM (00728.HK)'s 1Q24-3Q24 results were broadly in line with expectations, with service revenue/ EBITDA growing by 4%/ 5% YoY each, outrunning its peers, HSBC Global Research issued a research report saying. Therefore, the broker listed the company as its sector top pick, and expected CHINA TELECOM's full-year EBITDA growth to outpace peers through its commitment to developing enterprise solutions, cloud and AI, and other areas. The broker also forecasted its 2026 dividend payout ratio to rise to 75%, and kept rating at Buy, with a target price of $5.2. HSBC Global Research kept rating at Hold on CHINA MOBILE (00941.HK), noting that its consumer mobile segment may come under pressure amid declining ARPU and slowing data usage growth. The broker had a cautious view on the outlook for the company's consumer mobile segment, which contributes more than 50% of its service revenue. HSBC Global Research currently forecasted that CHINA MOBILE's net profit will grow at a CAGR of about 4% from 2023 to 2026, and its dividend payout ratio will hike to 75% in 2026. Therefore, the broker maintained its target price at $74. HSBC Global Research estimated CHINA UNICOM (00762.HK) to achieve a dividend yield ratio of about 7% in 2025. Therefore, the broker kept rating at Hold, and added its target price to $6.1, predicting CHINA UNICOM's dividend payout ratio to increase to 60% in 2026, which is lower than that of peers at around 75%. AAStocks Financial News |
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