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| HSCEI1 | 8,216.84 | 0.00 | -- |
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2026-09-24 15:52:59 HSBC Global Investment Research issued a research report expecting competition in China's mobile telecommunications sector to ease in 2H26, while one-off items may support a mild recovery in net profit. The broker maintained the Buy rating on CHINA MOBILE (00941.HK) H shares and CHINA MOBILE (600941.SH) A shares; maintained the Hold rating on CHINA TELECOM (00728.HK) H shares and CHINA TELECOM (601728.SH) A shares; and upgraded CHINA UNICOM (00762.HK) H shares and CHINA UNICOM (600050.SH) A shares from Underweight to Hold. The broker forecast the three telecom operators to log a mild recovery in 2H26 after online third-party mobile phone sales channels, which mainly displayed low-priced plans, were terminated on July 31. It expected ARPU pressure to ease in 2H26. CHINA UNICOM's weaker-than-expected earnings in 1H26 were mainly due to the timing shift of employee expenses, with the impact expected to reverse in 4Q26. The broker cut the TP for CHINA MOBILE (00941.HK) H shares from HKD94 to HKD91 and the TP for CHINA MOBILE (600941.SH) A shares from RMB111 to RMB105, while maintaining the Buy rating and naming it as its top pick. It cut the TP for CHINA TELECOM (00728.HK) H shares from HKD5.6 to HKD5, while raising the TP for CHINA TELECOM (601728.SH) A shares from RMB6.3 to RMB6.5, maintaining the Hold rating. It also cut the TP for CHINA UNICOM (00762.HK) H shares from HKD6.5 to HKD5.8 and the TP for CHINA UNICOM (600050.SH) A shares from RMB4.1 to RMB3.8, while upgrading the stock from Underweight to Hold, as it expected the full-year dividend payout ratio in 2026 to remain flat YoY. ~ AASTOCKS Financial News Website: www.aastocks.com | |