Ge Long Hui·2025-10-22 03:21Core Insights - Citigroup's research report indicates that China Telecom's Q3 2025 performance showed a 1% year-on-year decline in revenue to 126 billion yuan, which is 4% lower than market expectations [1] - Service revenue increased by 0.5% year-on-year to 117 billion yuan, falling short of market predictions by 2% [1] - EBITDA grew by 2% year-on-year to 35 billion yuan, exceeding market expectations by 8%, attributed to cost control measures that improved the EBITDA margin by 0.9 percentage points year-on-year [1] - Net profit rose by 4% to 7.8 billion yuan, showing a slowdown compared to approximately 6% year-on-year growth in the first half of the year [1] - Citigroup employs a sum-of-the-parts valuation method, setting a target price of HKD 7.1 for China Telecom's H-shares, with a "Buy" rating [1]