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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
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...
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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
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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)  +0.054 (+1.051%)    Short selling $24.08M; Ratio 15.949%   and CHINA UNICOM (00762.HK)  +0.060 (+0.774%)    Short selling $12.58M; Ratio 31.926%   and to drop by about 5% for CHINA MOBILE (00941.HK)  +0.150 (+0.176%)    Short selling $285.63M; Ratio 28.248%   in 2026. In contrast, CHINA TOWER (00788.HK)  +0.060 (+0.599%)    Short selling $11.19M; Ratio 16.655%   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.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-06-02 12:25.)

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