China Telecom Retains Bull on Faster Pivot to AI Business

Dow Jones09-18 11:57

0357 GMT - China Telecom retains its bull at DBS Group Research thanks to its faster pivot toward its artificial-intelligence business. The Chinese telecommunications company set a long-term target for its intelligence service revenue to make up more than 20% of principal business revenue, compared with around 13% in 1H, DBS analysts say in a note. Moves to scale up its AI ecosystem and a shift in capital expenditure toward computing infrastructure point to a faster expansion of its AI business in the medium term. Meanwhile, DBS cuts its estimates of 2026-2027 China Telecom earnings by 6.1%-7.9% due partly to softer growth in the company's traditional business. DBS trims its target price to 5.70 Hong Kong dollars from HK$5.90 and maintains a buy rating. Shares decline 0.6% to HK$4.47.

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