[ET Net News Agency, 26 March 2021] HSBC Global Research trimmed its target price for
China Mobile (00941) to HK$70 from HK$74 and maintained its "buy" rating.
The research house said China Mobile's 4Q 2020 EBITDA was 5.4% lower than HSBC's
estimate, due to an increase in network costs. Management guided for slower increases
growth in network costs in 2021.
Management commentary was for a flat dividend in 2021. HSBC sees potential for increases
as visibility improves and noted that capex is only expected to rise 1.7% in 2021, despite
the scale of the 5G deployment with China Broadcast Network (CBN). (KL)