Goldman Sachs has published a report stating a positive outlook for the three major Chinese telecommunications stocks in the second half of the year, believing that the shares in question meet the long-term value evaluation of the dividend discount model. Based on a clear dividend rate target, a stable combination of business and profit growth, as well as the ability to achieve dividend targets that exceed pure profits from 2021 to 2026, and the performance indicators of state-owned enterprises, the company is willing to promote shareholder returns and manage market capitalization. The bank points out that the dividend yield of the three major Chinese telecommunications stocks for the next 12 months is 7% to 8%, and the after-tax dividend yield is 5% to 6%. They are also one of the 30 highest dividend-paying stocks among listed companies in Hong Kong with a market value of over 100 billion. The valuation of these shares is also lower than the historical average before the COVID-19 epidemic and since 2008. They believe that the valuation of these shares is attractive under the prospects of profit growth and free cash flow expansion.

The bank has raised China Mobile's target price from HKD 82.5 to HKD 87, China Telecom's target price from HKD 5.1 to HKD 5.4, and China Unicom's target price from HKD 7 to HKD 7.9. They all recommend a "buy" rating.