China Mobile 0941

Re: China Mobile 0941

Postby winston » Sat Oct 07, 2017 9:25 pm

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CHINA MOBILE Foresees 5G Connection Scale to Grow to $1.75B by 2020

2017/09/22

Attending the director forum, CHINA MOBILE (00941.HK) -0.100 (-0.127%) Short selling $218.39M; Ratio 14.066%, CEO Li Yue said 5G represented the new age of Internet of Everything (IoE) and the group's top strategy is to solve the connection problem.

He said by 2020, the group's connection scale will surge to $1.75 billion from $880 million from 2015.

Source: AAStocks Financial News
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Re: China Mobile 0941

Postby winston » Wed Oct 11, 2017 3:44 pm

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<Research Report>C Suisse Cuts CHINA MOBILE (00941.HK) Target to $100; Kept Outperform

Credit Suisse, in its report, said the share price of CHINA MOBILE (00941.HK) underperformed recently, But there is no sign that the company has specific negative factors in peers competition or government policies.

The broker maintained the full-year revenue growth of 7.6%, but slashed the 2017 EBITDA and earnings forecast by 1.2% and 3.9% due to unsatisfactory operating cost control. Credit Suisse cut the target price from $110 to $100, with rating Outperform.

The broker said China Mobile has higher risks in terms of 5G due to a lack of transparency in this business.

In order to reflect this risk, the broker raised the FY2020-FY2023 capital expenses forecast by 14.7% to RMB781 billion.

Also, the broker expected China Mobile's dividend payout ratio in 2018 to rise to 50% (46% in 2016 and 2017).

Source: AAStocks Financial News
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Re: China Mobile 0941

Postby winston » Mon Oct 23, 2017 8:54 am

Staying the course

Reiterate BUY on improving profitability

We remain positive on the sector and China Mobile's attractive value proposition, although we don't see any catalyst in the near term.

3Q17 results reaffirmed our view that profitability is gradually improving:
EBITDA growth of 7% YoY was an improvement from 3-6% in 1H17 and 2% above our estimate.

We are constructive on CM’s improving profitability despite aggressive pricing by competitors, elimination of domestic long distance roaming (DLDR), and fixed line market expansion.

However, China Telecom remains our top pick in the Chinese telco sector due to its balanced fundamentals on both mobile and fixed-line businesses and as it offers the most upside on tower monetization.

Source: Kim Eng

https://factsetpdf.maybank-ke.com/PDF/7 ... a3d2fa.pdf?
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Re: China Mobile 0941

Postby winston » Mon Oct 23, 2017 9:09 am

CHINA MOBILE Sep 4G Net Additions Slow to 4.932M

CHINA MOBILE (00941.HK) announced that 4G user net additions came in at 4.932 million in September, easing from that of July at 10.852 million.

The number of 4G clients rose to 622 million.

In September, net additions amounted to 3.981 million, accelerating from August's 3.87 million. Total number of customers increased to 878 million.

For cable broadband business, the aggregate number of customers reached 103 million in September, rising 4.491 million from the previous month.

Source: AAStocks Financial News
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Re: China Mobile 0941

Postby winston » Mon Oct 23, 2017 2:43 pm

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China Mobile Offers Deep Value, Says Daiwa

By Adam Routh

China Mobile (941.HK) shares slipped on Monday despite posting solid third quarter earnings.

The Chinese telecom giant reported 4.6% year-on-year profit growth to CNY92.1 billion for the first nine months of the year, on 4.9% higher revenue of CNY569.5 billion.

Profit for the third quarter increased 6.9% compared to last year to CNY29.4 billion on the back of a 7.4% year-on-year increase in service revenues, driven by a stronger-than-expected performance in broadband.

Here's Daiwa analyst Ramakrishna Maruvada's take on the results:

The unmistakable conclusion for us is that China Mobile’s broadband business is gaining significant momentum fuelled by both market-share gains and average revenue per user (ARPU) increases.

Meanwhile, we believe the elimination of domestic long-distance charges from September may have weighed on the mobile business, though customer additions suggest 4G subscriber growth momentum is slowing for China Mobile, while China Unicom is gaining ground.

The results also suggest, perhaps not surprisingly so, that the launch of unlimited plans from May 2017 has stimulated data usage, with a slight acceleration in volumes (3Q17: +122% YoY; 2Q17: +113% YoY; 3Q16: +104% YoY).

Maruvada has a buy rating on the stock with a target price of HKD116.50 a share, implying 46% upside. He says the shares offer deep value with the stock trading at a 30% discount to its past-14-year average forward EV/EBITDA multiple.

Shares in China Mobile have vastly under performed this year, losing 3.9% so far compared to 28% gain by Hong Kong's benchmark Hang Seng Index.

Source: Barron's Asia

http://www.barrons.com/articles/china-m ... 1508739135
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Re: China Mobile 0941

Postby winston » Mon Oct 23, 2017 2:47 pm

<Post Result>Brokers' Latest Ratings & TPs on CHINA MOBILE (00941.HK) (Table)

Last Friday (20 October), CHINA MOBILE (00941.HK) announced that for the first three quarters, net profit amounted to RMB92.1 billion, representing a yearly growth of 4.6%.

EBITDA amounted to RMB211.3 billion, growing 5.5%; EBITDA margin was 37.1%, up by 0.2ppts yearly. During the period, operating revenue grew 4.9% yearly to RMB569.5 billion.

9 brokers updated their ratings and target prices:

Brokers/ Ratings/ Target prices (HK$)
Daiwa/ Buy/ 116.5
Bank of America Merrill Lynch/ Buy/ 114
Deutsche Bank/ Buy/ 112
UBS/ Buy/ 108
Citigroup/ Buy/ 107
Nomura/ Buy/ 106
Credit Suisse/ Outperform/ 100
JPMorgan/ Overweight/ 97.5
Morgan Stanley/ Underweight/ 70

Source: AAStocks Financial News
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Re: China Mobile 0941

Postby winston » Mon Oct 23, 2017 2:49 pm

<Research Report>Nomura: CHINA MOBILE (00941.HK) Quarterly Results Solid; 4G Revenue Healthy

Nomura, in its research report, said that CHINA MOBILE (00941.HK) 3Q service revenue saw 7.4% yearly growth, primarily benefited from healthy 4G revenue and lower base.

DOU continued to show strong growth momentum. The research house envisaged 3Q growth to be 114% yearly with stabilized ARPU.

The research house said that EBITDA grew 6.9% yearly during the period. EBITDA margin showed a recovery as compared with the first half of the year and delivered 6.9% earnings growth yearly Embedded videos have been disabled.
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Nomura believed that 4G revenue of the telecom operation can be maintained, still being the locomotive in the mobile market. The investment rating was reiterated at Buy with a target price of $106.

Source: AAStocks Financial News
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Re: China Mobile 0941

Postby winston » Mon Oct 23, 2017 2:52 pm

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<Research Report>M Stanley: CHINA MOBILE Mobile Share Loss Last Quarter Offsets Strong Fixed Growth

Morgan Stanley, in its report, said CHINA MOBILE (00941.HK) reported RMB92.1 billion net profit for the first nine months, 1.2% higher than the broker's estimate, meaning a net profit of RMB29.4 billion in 3Q, up 7.1% yearly and up 22.3% quarterly, beating estimates.

That was mainly driven by a drop in depreciation and amortization costs and non-operating items.

The group said depreciation and amortization costs have posted a high single-digit growth, and the group's net profit target for this year is better than that in the last year.

The group rated Underweight with target price of $70.

The broker said the group's 3Q mobile revenue growth moderated from 5% in 2Q to 3% (far below the forecast of China Unicom (up 10%) and China Telecom (up 12%)), offsetting the strong growth from fixed-line business (up 69% yearly).

The overall services revenue and EBITDA met estimates, and the profit after tax beats the broker's estimate.

Source: AAStocks Financial News
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Re: China Mobile 0941

Postby winston » Wed Oct 25, 2017 1:04 pm

<Post Result>Brokers' Latest Ratings & TPs on CHINA MOBILE (00941.HK) (Table)

Last Friday (20 October), CHINA MOBILE (00941.HK) announced that for the first three quarters, net profit amounted to RMB92.1 billion, representing a yearly growth of 4.6%.

EBITDA amounted to RMB211.3 billion, growing 5.5%; EBITDA margin was 37.1%, up by 0.2ppts yearly.

During the period, operating revenue grew 4.9% yearly to RMB569.5 billion.

9 brokers updated their ratings and target prices:

Brokers/ Ratings/ Target prices (HK$)
Daiwa/ Buy/ 116.5
Bank of America Merrill Lynch/ Buy/ 114
Deutsche Bank/ Buy/ 112
UBS/ Buy/ 108
Citigroup/ Buy/ 107
Nomura/ Buy/ 106
Credit Suisse/ Outperform/ 100
JPMorgan/ Overweight/ 97.5
Morgan Stanley/ Underweight/ 70

Source: AAStocks Financial News
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Re: China Mobile 0941

Postby winston » Wed Dec 06, 2017 12:46 pm

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<Research Report>M Stanley: CHINA MOBILE in Dilemma; Rated Underweight

Morgan Stanley, in its report, said it expected CHINA MOBILE (00941.HK)'s 5G capex to evidently eroded the long-term returns, and thus rated the telecom at Underweight with target price of $70.

Morgan Stanley assumed a flattish dividend payout of 46%.

The broker did not rule out the possibility of a slightly higher payout in future but it will not rise above 50% in the foreseeable future owing to 5G uncertainty.

The broker estimated that 2018 service revenue growth will slow to 5% from 7% in 2017, dragging EBITDA to only a growth of 4%.

Net profit growth was expected to be only 3% due to heightened cost pressure.

Source: AAStocks Financial News
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