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...
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