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研报掘金丨山西证券：中国电信分红率继续提升，维持“买入-A”评级

Research Report Nuggets丨Shanxi Securities: China Telecom's dividend rate continues to rise, maintaining a “buy-A” rating

Gelonghui Finance ·  Apr 16 03:23

According to the Shanxi Securities Research Report, China Telecom (601728.SH) achieved net profit of 34 billion yuan in 23 years, or +10.3% over the same period last year. Among them, the basic business grew steadily, and the company achieved comprehensive broadband ARPU growth for three consecutive years. The bank sees, on the one hand, a rapid increase in the proportion of gigabit broadband users. On the other hand, the company continues to explore smart home businesses such as FTTR, Whole-House Intelligence, Tianyi Home Watch, and Cloud Computers. The company plans to continue to maintain high dividends. Starting in 2024, profits distributed in cash within 3 years will gradually increase to more than 75% of the profits due to shareholders in that year, continuing to create greater value for shareholders. The bank claims that the company's revenue and profit are growing steadily, while the share of capital expenditure to revenue continues to decline, and the dividend rate continues to rise. There is still room for improvement in valuation compared to mainstream overseas operators, maintaining a “buy-A” rating.

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