Solid Third-Quarter Result From China Telecom, Which Remains One of Our Best Picks
China Telecom’s third-quarter 2016 result was solid, with operating revenue up 6.9% and EPS up 16.4%. Services revenue was up a robust 5.7%, with EBITDA down 1.1%. This compares with first-half operating revenue up 7.2%, services revenue up 5.6%, and EPS up 6.3%. We increase our earnings forecasts slightly but make no changes to our fair value estimate of HKD 4.60 per share. Our ADR fair value estimate rises to USD 59 per ADR from USD 58. We also retain our narrow economic moat rating for the fi...
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