Goldman Sachs Analysis: After evaluating ten key indicators, Goldman Sachs believes that Chinese telecoms can enhance consumption through value-added services, despite slow growth in traditional communication revenue.
Buy Ratings Maintained: Goldman Sachs has maintained its Buy ratings on China Mobile, China Unicom, and China Telecom, anticipating a shift in capex towards computing infrastructure to meet AI demand.
Investment Outlook: The firm expects increasing contributions from new business ventures and a steady rise in dividend payouts, which will benefit investors.
Short Selling Data: As of December 2, 2025, short selling figures indicate varying levels of short interest in the three major telecom companies, with China Telecom showing the highest short selling ratio.
Wall Street analysts forecast 00728 stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for 00728 is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
0 Analyst Rating
Wall Street analysts forecast 00728 stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for 00728 is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
0 Buy
0 Hold
0 Sell
Current: 5.320
Low
Averages
High
Current: 5.320
Low
Averages
High
Goldman Sachs
Goldman Sachs
Buy -> Neutral
downgrade
Al Analysis
2026-01-08
Reason
Goldman Sachs
Goldman Sachs
Price Target
Al Analysis
2026-01-08
downgrade
Buy -> Neutral
Reason
Goldman Sachs downgraded CHINA TELECOM and CHINA UNICOM from Buy to Neutral due to stagnant growth in telecom services and the need for more time for innovative business acceleration. The firm noted short-term pressure on the service business and innovative business growth in China's telecom industry, leading to a reduction in target prices and a decrease in earnings forecasts for both companies.
Goldman Sachs
Goldman Sachs
maintain
2025-12-02
Reason
Goldman Sachs
Goldman Sachs
Price Target
2025-12-02
maintain
Reason
Goldman Sachs maintained its Buy rating on China Mobile, China Unicom, and China Telecom due to their potential to drive consumption through value-added services, despite meager revenue growth in traditional communication businesses. The firm expects these telecoms to shift their capital expenditure towards computing infrastructure to leverage the growth in AI demand in China. Additionally, rising contributions from new businesses and a steady increase in dividend payouts are anticipated to provide continued returns for investors.
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JPMorgan
maintain
$7.5
2025-10-23
Reason
JPMorgan
Price Target
$7.5
2025-10-23
maintain
Reason
The analyst rating for CHINA TELECOM is influenced by its 3Q25 service revenue growth of only 0.5% year-over-year, which represents a slowdown from the 2.1% growth in the previous quarter (2Q25). Additionally, the company's net profit growth decelerated from 7.1% in 2Q25 to 3.6% year-over-year. This performance was below that of its peer, CHINA MOBILE, which had a service revenue growth of 0.8% and a profit growth of 1.9%. Despite these challenges, JPMorgan maintained an Overweight rating on CHINA MOBILE, indicating a more favorable outlook for that company compared to CHINA TELECOM.
Morgan Stanley
Overweight
maintain
$6
2025-10-22
Reason
Morgan Stanley
Price Target
$6
2025-10-22
maintain
Overweight
Reason
The analyst rating for CHINA TELECOM (00728.HK) was set to Overweight due to several positive financial indicators. The company reported a 0.5% year-over-year increase in service revenue for 3Q25, amounting to RMB117 billion, which was in line with expectations. Additionally, EBITDA grew by 2.4% year-over-year to RMB35 billion, also meeting expectations, while the service revenue margin improved by 0.6 percentage points to 29.9%. Net profit increased by 3.6% year-over-year to RMB7.8 billion, surpassing expectations by 1.3%. Furthermore, operating cash flow for the quarter rose by 4% year-over-year. These strong financial results contributed to the positive rating and a target price of HKD6.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
