We Downgrade China Telecom’s FVE to HKD 4.10 on Increased Mobile Competition but it Is Good Value
China Telecom’s 2017 result was strong with services revenue up 6.9% and EBITDA up 7.4%. Bottom line profit grew only 3.3% as the company reduced some fixed-line asset lives in the fourth quarter adding around CNY 2 billion to depreciation. Excluding this, we estimate around 12% underlying earnings growth. Mobile services revenue growth of 11.7% was a highlight compared with peers' 4%-8% growth, but like China Unicom, it is feeling big pressure in the fixed broadband market from China Mobile’s a...China Telecom is a full services integrated information service operator and wireline telecommunications and broadband services provider in the People's Republic of China. Co. offers wireline and mobile telecommunications services including wireline voice, mobile voice, internet, managed data and leased line, value-added telecommunications services, integrated information application services and other related services. As of Dec 31 2010, Co. had wireline access lines in service of approximately 175 million, wireline broadband subscribers of approximately 63 million and mobile subscribers of approximately 90 million.
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