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This Equity Research Report focuses on中国电信(00728 HK), a company in the Telecommunications Sector. The report upgrades the TP to HK$5.15 and maintains the investment rating as "Buy", forecasting FY23-FY25 EPS to be RMB0.372/RMB0.414/RMB0.457, respectively. The company's earnings and dividend payout are expected to increase continuously. China Telecom's FY22 results were in line with expectations, with service revenue increasing by 8.0% yoy and shareholders' net profit up by 12.5% yoy on a comparable basis. The company proposed to increase the whole year dividend payout ratio of 2022 by 5 ppt yoy to 65%. The report expects mobile service and fixed-line broadband business to increase steadily, while shareholders’ net profit to achieve double-digit percentage yoy growth in 2023. The development of cloud business is expected to exceed market expectations, with the company aiming to expand its cloud business to reach RMB100 billion in 2023, higher than market expectations. The company is expected to invest heavily in research and development of core technologies.
