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<Research>Nomura: Challenging 2026 for CN Telecoms; CHINA TELECOM, CHINA UNICOM Downgraded to Neutral
Recommend 33 Positive 46 Negative 40 |
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Chinese official national data tracked a weak year in the mainland telecom industry for 2025, with service revenue growth slowing from a previous 3.2% YoY to 0.7%, Nomura's research report said. This mainly reflected market saturation in core business, milder growth in emerging businesses, intensified competition, and a weak macro environment. The broker maintained a Buy rating on CHINA MOBILE (00941.HK) H-shares, with a target price reduced from HKD106 to HKD96. Meanwhile, it downgraded CHINA TELECOM (00728.HK) and CHINA UNICOM (00762.HK) H-shares to Neutral, lowering CHINA TELECOM's target price from HKD7.2 to HKD5.5 and CHINA UNICOM's target price from HKD11.7 to HKD8. AASTOCKS Financial News Website: www.aastocks.com |
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