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<Research>UBS Trims CHINA TELECOM TP to $7.2, Maintains Buy Rating
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CHINA TELECOM (00728.HK) reported a 0.5% YoY rise in service revenue for 3Q25, amounting to RMB117.2 billion, 2% below street consensus, amid macro headwinds, UBS said in a research report.

Thanks to effective cost control, EBITDA grew by 2.4% YoY to RMB35 billion, and net profit hiked by 3.6% to RMB7.7 billion, a deceleration from the 5.5% growth in 1H25.

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In light of the latest results performance, UBS revised down its revenue and net profit forecasts for China Telecom in 2025-27 by 1-4% to reflect eased growth, and trimmed the target price from HKD7.4 to HKD7.2.
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