In the first half of last year, China Telecom's broadband revenues increased 3.4% to about RMB 36.4 billion ($6 billion) owing to the addition of over 4 million subscribers and rising Fiber-To-The-Home penetration. Considering that the company gained about 3 million subscribers in the latter half of the year as well, we expect China Telecom to report single-digit sales growth in the fixed line broadband business for 2014.