Morgan Stanley: China Telecom's net profit in the third quarter slightly exceeded expectations
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Morgan Stanley released a research report stating that CHINA TELECOM's service revenue in the third quarter increased by 0.5% year-on-year, reaching RMB 117 billion (same below), which roughly meets the bank's expectations. EBITDA increased by 2.4% year-on-year, reaching RMB 35 billion, which roughly meets the bank's expectations, and the service revenue profit margin improved by 0.6 percentage points to 29.9%. Net profit increased by 3.6% year-on-year, reaching RMB 7.8 billion, which is 1.3% higher than the bank's expectations. Operating cash flow for the quarter increased by 4% with a rating of "Overweight."
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