HSBC Research adjusted its ratings for Chinese telecom stocks based on their 1Q results. CHINA MOBILE showed resilience with a smaller decline in service revenue and net profit compared to peers, leading to a maintained 'Buy' rating. In contrast, CHINA TELECOM's results were below expectations, prompting a downgrade from 'Buy' to 'Hold'. CHINA UNICOM's mixed results led to a 'Reduce' rating, while CHINA TOWER was kept at 'Hold' with a slight increase in target price.
