0824 GMT - China Telecom stands to benefit from the strength of its non-mobile products, as the telecommunications industry's growth has pivoted away from mobile services, Morningstar analyst Dan Baker says in a research note. China Telecom reported solid 1Q results, with service-revenue growth the highest among China's three telecom providers, the analyst says. "China Telecom's strength in fixed-line telecoms, based partly on its historical fixed-line monopoly over around two-thirds of China, has stood it in good stead," the analyst says. China Telecom seems to have retained its lead in fixed-line telecommunications, although investment from larger rival, China Mobile, has narrowed the gap between the two companies, he adds. Morningstar maintains its fair value estimate for China Telecom at HK$5.60. Shares last closed at HK$4.44. (sherry.qin@wsj.com)
(END) Dow Jones Newswires
April 25, 2024 04:24 ET (08:24 GMT)
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