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CHL.N

ISIN: US16941M1099
SEDOL: 2111375

Rating:

HOLD

Target Price:

49.87 USD

Investment Horizon:

6 to 24 months
21st Apr 2009 View Report   Download

1Q 09 Update Report

Although increasing rural market penetration during the quarter resulted in robust expansion in subscriber-base, total revenue-growth declined, primarily due to slumping Average Revenue Per User (ARPU). Considering the low level of wireless penetration in rural China, going forward we expect China Mobile to continue its efforts to penetrate rural areas thereby witnessing healthy growth in subscriberbase....

20th Apr 2009 View Report   Download

1Q 09 News Alert

China Mobile Limited’s (China Mobile) 1Q 09 revenues and net margin were below our estimates, while EBITDA margin was above our expectation, despite declining y-o-y in 1Q 09. Although a break down of expenses was not provided, we believe a rise in operating expenses (excluding depreciation & amortization expenses), as a percentage of revenues negatively impacted EBITDA margin during 1Q 09....

7th Apr 2009 View Report   Download

FY 2008 Update Report

During the year, the rural market continued to contribute significantly to China Mobile’s subscriberbase and revenue growth. However Average Revenue Per User (ARPU) witnessed declining growth driven by lower Average Revenue Per Minute (ARPM) partially offset by higher Minutes Per Usage (MOU). Considering the low level of wireless penetration in rural China, going forward we expect…

19th Mar 2009 View Report   Download

FY 2008 News Alert

China Mobile Limited’s (China Mobile) FY 2008 revenues were in line with our estimate, while margins were below our expectations. Higher-than-expected operating expenses, as a percentage of revenues resulted in lower-than-expected margins during FY 2008. Going forward, although we expect the entry of a third mobile operator to intensify wireless competition, China Mobile’s continuous focus on expansion…

9th Mar 2009 View Report   Download

Company News Alert

China Mobile Limited’s (China Mobile) common stock achieved our target price on 11 December, 2008. Since then the common stock has depreciated 21.2%, primarily due to negative investor sentiment regarding a slowdown in the Chinese economy further supported by broader market movements. Going forward, regardless of additional competition we expect China…