GLONGHUI March 15 | Lyon released a report saying that mainland telecom stocks will start announcing last year's results next week. Driven by steady growth in the industrial digitization business and steady growth in mobile services, total service revenue is expected to maintain a year-on-year increase of 4 to 6%. Among them, China Mobile's DICT (Data Technology, Information Technology, Communication Technology) business revenue is likely to grow the fastest. However, China Unicom's industrial internet business growth may slow to control accounts receivable. As the State Assets Administration Commission uses market capitalization as a new KPI, China Telecom companies will pay more attention to shareholder returns. China Mobile and China Telecom raised last year's dividend payout ratio to 70%, while China Unicom raised it to 54%. China Mobile remains the bank's first choice because the dividend ratio is the highest in the industry and will be the most sustainable, reaching over 7%, followed by China Telecom (about 6.5%) and Unicom. The bank slightly adjusted its forecasts for China Mobile, China Telecom, and Unicom, but the ratings and target prices remained unchanged. The target prices were HK$75, HK$5 and HK$7.5, respectively. The ratings were all “buy”.