该行认为，公司期内资本支出同比增13%，可能是由于对农业基础设施发展税的积极投资。另认为自由现金流同比减12%至155亿元人民币，可能是由于与政府和企业业务相关的应收账款增加。Nomura believes that the year-on-year increase in capital expenditure by China Telecom during the period may be due to positive investment in agricultural infrastructure development tax.
According to the research report released by Nomura, the target price for China Telecom (00728) is HKD 5.8, with a "buy" rating.
The company's service revenue in the first half of 2024 increased by 4.3% year-on-year, which is higher than the industry's average service revenue growth of 3% in the first half of the year. The profit increased by 8.2% year-on-year, while EBITDA increased by 4.7% compared to the same period last year. The EBITDA profit margin (as a percentage of service revenue) increased by 0.1 percentage points year-on-year.
The bank believes that the year-on-year increase in capital expenditure by the company is 13%, possibly due to positive investment in agricultural infrastructure development tax. They also believe that the year-on-year decrease in free cash flow is 12% to RMB 15.5 billion, which may be due to an increase in accounts receivable related to government and enterprise business.
