[Goldman Sachs: Raises target prices for China Mobile, China Telecom, and China Unicom in Hong Kong stocks, and remains optimistic in the second half of the year] Goldman Sachs published a report stating that it continues to have a positive view on the three major Chinese telecom stocks, China Mobile, China Telecom, and China Unicom, in the second half of the year, and believes that the relevant shares meet the dividend discount model as a long-term value assessment, based on a clear dividend payout ratio target, a stable business and profit growth portfolio, and the ability to achieve dividend targets given by the forecast free cash flow exceeding net profit from this year to 2026, as well as the company's willingness to promote shareholder returns and manage market value under the performance indicators of state-owned enterprises.

The bank pointed out that the dividend yield of the three major Chinese telecom stocks in the next 12 months is 7% to 8%, and 5% to 6% after deducting dividend tax, which is 3 to 4% higher than the yield of China's one-year treasury bonds. It is also one of the 30 stocks with the highest dividends among listed companies with a market value of more than 100 billion in Hong Kong. The valuation of the relevant shares is also lower than the historical average before the new crown epidemic and since 2008. Goldman Sachs believes that the valuation of the relevant shares is attractive with the strengthening of profit growth and free cash flow prospects.

The bank raised its target price for the three major Chinese telecom stocks by 5% to 13% based on the change to the 2025 forecast enterprise value multiple as the target price basis.

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