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The 5G network co-building and co-sharing agreement mounted by CHINA UNICOM (00762.HK) and CHINA TELECOM (00728.HK) earlier has the focus of cost cut, Goldman Sachs highlighted in its report. Under the agreement, the two mobile carriers are hopefully on par with their larger rival CHINA MOBILE (00941.HK) in terms of coverage and depth.
The 2020E-2021E earnings of CHINA UNICOM and CHINA TELECOM were revised up by 3.5%-6.4% by the broker. CHINA UNICOM was upgraded to Buy from Neutral with target price hiked to $10.3 from $10.1. CHINA TELECOM was reiterated at Buy with target price down to $5 from $5.1.
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