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<Research>Guotai Junan: CHINA TELECOM Logs Stable Profit Growth in 1Q, Keeps Progressing with High-quality Development
Recommend 9 Positive 15 Negative 6 |
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Guotai Junan noted in a report that CHINA TELECOM (00728.HK) achieved stable profit growth in 1Q, and continued to push forward its high-quality development. Considering the steady improvement in earnings and dividend, as well as the opportunities brought by the rapid growth of cloud business, the broker maintained its target price of $5 on CHINA TELECOM H-shares, equivalent to 12.7x 2024 P/E ratio, and rated the company Buy. According to the report, CHINA TELECOM's service revenue and net profit for 1Q rose by 5% and 7.7% YoY respectively, in line with market expectations. The broker believed that the company's net profit would continue to grow steadily in the coming years due to stable growth in its main business and good control of operating expenses. CHINA TELECOM intended to increase its dividend payout ratio to over 75% in the three years starting from 2024, and Guotai Junan believed its dividend would grow steadily in the next few years. Based on the closing price as of 23 April 2024, CHINA TELECOM's dividend yield for 2024/25/26 is forecasted to be 6.5%, 7.2% and 8% respectively. AAStocks Financial News |
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