| HSBC Global Research Raises CHINA TELECOM (00728.HK) TP to $4.8; 1Q Trends Solid |
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HSBC Global Research remarked in a report that CHINA TELECOM (00728.HK) achieved solid trends in 1Q, with service revenue growth of 5% and EBITDA growth of 3.6%, which were 0.8% below and 4.4% above the broker's estimates. Revenue from industrial digitalisation services grew by 10.6% YoY, compared to 17.9% growth in the same period last year.
The broker maintained its Buy rating on CHINA TELECOM and raised its H-share target price from $4.7 to $4.8.
HSBC meanwhile trimmed its 2024 and 2025 operating profit forecasts on CHINA TELECOM by 4.7% and 1.3% respectively, while lowering its 2024 and 2025 net profit forecasts by 4.6% and 1.2% respectively, reflecting upward revisions to its depreciation and amortisation cost forecasts.
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