Zheshang SecuritiesPosted on March 21stResearch reportsay, maintainChina Telecom(601728.SH, latest price: 4.02 yuan) Buy rating.The reasons for the rating mainly include: 1) Continued high-quality growth, and the guidance in 2022 reflects confidence; 2) Mobile business: driven by 5G, with a revenue growth rate of 4.9%; 3) Government and enterprise business: accelerated growth, e-Surfing Cloud increased by 102%; 4) Family Business: Smart Home’s revenue increased by 25%, accounting for 12%; 5) Moderately increased investment, and structural changes focused on new growth points; 6) Precise cost input to strengthen operational efficiency improvement; 7) Increase the dividend payout ratio to 60%, or considerrepoand other plans. Risk warning: The development of digital business in industries such as cloud is less than expected; the risk of cost and expense management and control is less than expected; the development trend of mobile ARPU is less than expected, etc.
AI comments:China Telecom5 copies in the past monthbrokerageThe research report paid attention to 3 companies and increased their holdings in 1 company. The average target price was 6.16 yuan, which was 2.14 yuan higher than the latest price of 4.02 yuan, and the average target price increased by 53.23%.
(Article source: Daily Economic News)
Article source: Daily Economic News
Responsible editor: 33
Original title: Zheshang Securities maintains China Telecom’s buy rating, China Telecom’s 2021 annual report comment: performance is in line with expectations, increasing investment in industrial digitalization and accumulating growth
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