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<Research>UBS Finds Valuation of CN Telecoms Attractive, Raises CHINA TELECOM TP to $6.8
Recommend 30 Positive 42 Negative 20 |
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UBS research report, citing data from the Ministry of Industry and Information Technology (MIIT) of China, said that the service revenue of China's telecom industry grew by 1.3% YoY in 2Q25, slightly faster than the 0.7% growth in 1Q25, but still below the 3.2% in 2024, mainly due to macro headwinds. Authorities continued to emphasize that the Chinese central SOEs should focus on shareholder returns and investment return rates. The broker expected that telecom operators will shift their focus to cost efficiency and net profit growth rather than revenue expansion, considering the telecom industry's valuation attractive, with dividend yields for Chinese telecoms expected to range between 6% and 7% in 2026. UBS raised the target prices for CHINA TELECOM (00728.HK) and CHINA UNICOM (00762.HK) from HK$6.6 and HK$10.5 to HK$6.8 and HK$10.8, while maintaining the target prices for CHINA MOBILE (00941.HK) and CHINA TOWER (00788.HK) at HK$101 and HK$15, respectively, all with a Buy rating. AASTOCKS Financial News Website: www.aastocks.com |
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