Citi issued a research report updating forecasts and target prices for multiple telecom operators. The broker maintained Buy ratings on CHINA MOBILE (00941.HK) +0.150 (+0.183%) Short selling $32.51M; Ratio 3.122% , CHINA MOBILE (600941.SH) +1.640 (+1.717%) , CHINA TELECOM (00728.HK) +0.025 (+0.556%) Short selling $16.91M; Ratio 5.032% , CHINA TELECOM (601728.SH) +0.140 (+2.265%) and CHINA UNICOM (00762.HK) +0.010 (+0.156%) Short selling $7.09M; Ratio 4.077% , while maintaining a Sell rating on CHINA UNICOM (600050.SH) +0.030 (+0.698%) .

Citi lowered its 2026 and 2027 revenue forecasts for CHINA MOBILE by 4.4% and 7%, respectively, due to VAT policy adjustments compressing effective service revenue and a more cautious view on the contribution of AI-driven revenue during the transition period. Net profit forecasts for the same periods were cut by 13.4% and 17.5%, respectively. The broker introduced a 2028 forecast and reduced the target price for CHINA MOBILE (00941.HK) +0.150 (+0.183%) Short selling $32.51M; Ratio 3.122% from HKD105.1 to HKD102, while lowering the A-share target price for CHINA MOBILE (600941.SH) +1.640 (+1.717%) from RMB135 to RMB120.

For CHINA TELECOM, Citi lowered its 2026 and 2027 revenue forecasts by 5.2% and 8.3%, respectively, while net profit forecasts were cut by 19.8% and 20.2%, respectively, reflecting the combined impact of VAT adjustments and depreciation pressure arising from continued investment in AI and cloud infrastructure. The broker lowered the target price for CHINA TELECOM (00728.HK) +0.025 (+0.556%) Short selling $16.91M; Ratio 5.032% from HKD7.1 to HKD5.7, while cutting the A-share target price for CHINA TELECOM (601728.SH) +0.140 (+2.265%) from RMB9.6 to RMB7.7.

For CHINA UNICOM (00762.HK) +0.010 (+0.156%) Short selling $7.09M; Ratio 4.077% , Citi lowered its 2026 and 2027 revenue forecasts by 5.6% and 7.9%, respectively, while net profit forecasts were reduced by 21% and 22.9%, respectively, reflecting VAT adjustments, intense competition and macro headwinds. The broker cut the target price for CHINA UNICOM (00762.HK) +0.010 (+0.156%) Short selling $7.09M; Ratio 4.077% from HKD11.2 to HKD8.3. The target price for CHINA UNICOM (600050.SH) +0.030 (+0.698%) was lowered from RMB4.9 to RMB3.9, with a Sell rating maintained mainly due to the significant premium of A shares over H shares and a dividend yield lower than peers. (ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-08-07 16:25.) (A Shares quote is delayed for at least 15 mins.)