China Telecom's year-on-year growth performance in EBITDA and net profit for the first quarter of this year was in line with expectations.
The Zhitong Finance App learned that Morgan Stanley released a research report saying that China Telecom (00728)'s service revenue for the first quarter of 2024 increased 5% year-on-year to 124.3 billion yuan, outperforming its peers. Among them, revenue from traditional services increased 2.6% to 85.7 billion yuan per year; revenue from industrial digitization business increased 10.6% year-on-year to 38.7 billion yuan, accounting for 31.1% of total service revenue. The Group's EBITDA for the first quarter of this year increased 3.6% year on year to 35.1 billion yuan, and net profit increased 7.7% year on year to 8.6 billion yuan. The performance was in line with expectations. The target price of Damocar remained at HK$5, with a rating of “gain”.