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<Research>CLSA: CHINA MOBILE (00941.HK) 2025 Results Weak, but Still Outperform Peers; Rating Outperform
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28
Positive
51
Negative
36
CHINA MOBILE (00941.HK) posted weak 2025 results, yet still outperformed its peers, CLSA released a research report saying. Its 2025 total revenue hiked by 0.7% YoY to RMB895.5 billion. EBIT rose by 4.4% YoY to RMB148.9 billion.

While mobile revenue declined, cloud revenue continued to grow, up 13% YoY. Operating expenses were strictly controlled, while depreciation remained largely flat, with capital expenditure cut.

Related News China Mobile (00941.HK) Full-Year Net Profit Falls 0.9% to RMB137.095 Billion, Near Lower End of Expectations; Final Dividend Increases to HKD2.52
The broker quoted CHINA MOBILE's management as forecasting that 2026 capital expenditure will decrease by another 9.5%, which will support profit growth and achieve a yield of 7%, the highest among its peers.

Therefore, CLSA lowered its 2026/ 2027 net profit forecasts by 3%, and kept its target price at $86/ rating at Outperform.
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