Glonghui, April 24 | J.P. Morgan said China Telecom's first quarter results were weak. Despite strict cost control measures, revenue growth declined as well as profit before interest, tax, depreciation and amortization (EBITDA) and profit growth slowed due to the slowdown in industrial digitization business. Cash flow declined due to a surge in accounts receivable, but the bank believes that China Telecom is still expected to achieve the annual guiding goals of good revenue growth and increased net profit margin this year. Among Chinese telecommunications companies, Motong chose China Mobile, believing that China Mobile's stock price defense and dividend visibility (the dividend payout ratio will increase to over 75% by 2026) rank among the top in the industry. Furthermore, Motong also believes that after China Mobile's stock price performance outperformed China Telecom and Unicom, there is room for China Mobile's stock price to rise.