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Or due to the worse-than-expected performance, after China Telecom (00728.HK) released the 2019 annual results announcement yesterday, many institutions lowered their target prices.According to Sina Hong Kong stock reports, Citi published a research report that China Telecom’s net profit last year was worse than expected, but last year’s revenue and EBITDA growth were faster than their peers.It is expected that with 5G network sharing, China Telecom’s market share will increase.Therefore, we lowered China Telecom’s target price from HK $ 4.3 to HK $ 3.9, and maintained a “Buy” investment rating.CICC pointed out in a research report that China Telecom’s performance last year was in line with expectations and it is expected that future revenue will remain stable, but 5G is in the early stages of scale construction. At the same time, it is under pressure that the network operation and maintenance, research and development costs will grow faster than revenue in the short term.The EBITDA rate has declined.Therefore, we lower our target price by 16.7% to HK $ 3 and maintain our “Neutral” investment rating.In addition, according to the Zhitong Financial Report, Credit Suisse and UBS also lowered the target price of China Electric Wire in the report.Credit Suisse lowered China Telecom’s target price from HK $ 3.48 to HK $ 3.26, and upgraded its rating from “Neutral” to “Outperform”.In its research report, China Telecom reported slightly worse-than-expected results last year.Revenue from mobile services increased by 4.7% year-on-year, outperforming China Mobile and China Unicom.However, revenue from fixed-line services fell 0.3%, mainly due to competitive pressure from fixed-line broadband services.The company’s overall service revenue rose by only 2%, 0.8% lower than the bank’s expectations.UBS said in the report that although China Telecom’s performance in the fourth quarter of 2019 was worse than its peers, it believes that it will have a solid performance this year, mainly because the company’s February 5G package users reached 10 million (compared to China Mobile’s 1500Million households), and its target 5G subscribers for the year net increase of 60 to 80 million households.UBS said that although China Telecom’s capital expenditure is higher than Unicom’s, which is mainly because it will have a larger share in the United 5G network, the bank expects that this impact will be offset by the payment of settlement payments starting in reiterates China Telecom’s “Buy” rating, and the target price is reduced from HK $ 4.25 to HK $ 3.95, as it lowers its multiple of multiples to reflect the recent market decline.On March 24, China Telecom released its full-year results announcement for 2019. According to the announcement, in the fourth quarter of 2019, China Telecom achieved revenues of 92.91 billion yuan (RMB, the same below), an increase of 0.8% year-on-year, which is higher than that of Bloomberg.Expected 91.12 billion yuan.The profit attributable to shareholders of the company was 2.13 billion yuan, a decrease of 2.2% year-on-year, lower than the 2.327 billion yuan expected by Bloomberg.By the end of 2019, China Telecom had invested a total of 9.3 billion yuan to build 40,000 5G base stations. The total scale of 5G base stations in use exceeded 60,000, which was the same as China Unicom and 20,000 less than China Mobile.As of press time, China Telecom’s stock price was reported at HK $ 2.33, up 2.19%.(Title map from Visual China)

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