Unhidea explains global investment research, selected interviews and market briefs. Explore source attribution, dates, key assumptions and the reasoning behind each article.
JPMorgan says Cambricon’s revenue met lowered expectations, but inventories rose sharply; results at two Apple suppliers were weaker than seasonal norms, while the declines in China Telecom’s revenue and profit narrowed.
J.P. Morgan ·
Excluding the impact of VAT reform, China Telecom’s service revenue was broadly flat in the first nine months; however, higher personnel costs in the third quarter offset some of the savings. BofA remains positive on the core telecommunications business and monetization of cloud and AI, maintaining Buy on the H shares and Neutral on the more fully valued A shares.
Bank of America ·
China Telecom’s third-quarter net profit fell 14.7% year on year, but the declines in both service revenue and operating profit narrowed from the second quarter. JPMorgan believes VAT adjustments masked underlying operational resilience and expects profit to return to growth in 2027. Improved cash flow and attractive dividends are the main supports for its Overweight rating.
J.P. Morgan ·
2026年第三季度，中国电信收入与利润继续承压，EBITDA同比降幅较上半年收窄。摩根士丹利认为业绩符合预期，维持A股平配评级及5.80元目标价。
Morgan Stanley ·
