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<Research>M Stanley Trims TPs for 3 Major CN Telecoms by 6-13%, Expects 5-6% Div. Yield to Shore Up Shr Prices
Recommend 24 Positive 23 Negative 16 |
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Morgan Stanley has issued a report predicting Chinese telecom stocks to log a YoY decrease of 1.4% in 1Q26 service revenue. Taking into account the impact of value-added tax, Morgan Stanley forecasts net profit to decline by 10-12% for CHINA TELECOM (00728.HK) and CHINA UNICOM (00762.HK) and to drop by about 5% for CHINA MOBILE (00941.HK) in 2026. In contrast, CHINA TOWER (00788.HK) is anticipated to record a 30% increase in net profit due to lower depreciation charges. Morgan Stanley has lowered its target prices for Chinese telecom stocks by 6-13% to reflect the impact of value-added tax. CHINA UNICOM's target price slipped from HKD8 to HKD7. CHINA TELECOM's target price decreased from HKD5.5 to HKD5. CHINA MOBILE's target price slid from HKD85 to HKD80. All of their ratings remain Equalweight. The broker believes the current dividend yield of 5-6% for Chinese telecom stocks can provide certain downside protection for share prices. Auto-translated by AI AASTOCKS Financial News |
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