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<Research>DBS Keeps Buy on CHINA MOBILE But Cuts TP to HKD98
Recommend 20 Positive 34 Negative 18 |
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CHINA MOBILE (00941.HK)'s operating revenue grew by 0.9% YoY last year, broadly in line with market expectations, according to a report from DBS. While its net profit declined by 0.9% YoY, about 4.3% below forecasts, its dividends rose by 3.5% to HKD5.27 per share, lifting the payout ratio to 75%. The report also highlighted digital transformation as CHINA MOBILE's core growth driver. The company is shifting smoothly toward high-growth digital services. Last year's revenue from computing services (including cloud and data centers) swelled by 11.1% YoY to RMB89.8 billion, of which intelligent computing service revenue surged by 279%. Cloud computing service revenue increased by 13.9% YoY, benefiting from 2.1 billion monthly active cloud drive users. This transformation from traditional telecommunications services is crucial, as combined revenue from computing and AI services accounted for 20.2% of last year's core operating revenue, an increase of 1.4 ppts YoY. DBS has lowered its target price for CHINA MOBILE from HKD110 to HKD98 but reiterated a Buy rating. Auto-translated by AI AASTOCKS Financial News |
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