China Telecom Sector Monthly Chart Book: CT continued market share gain in 5G sub
- Overall 5G penetration rate reached 44% in 2021, in line with our expectation
- Stable mobile sub market share; China Telecom (CT) gained 5G sub market share
- Maintain BUY calls with pecking order China Unicom (CU, 762 HK)>China Telecom (CT, 728 HK)>China Mobile (CM, 941 HK), on stable outlook and undemanding valuation