[ET Net News Agency, 10 July 2019] Daiwa Research lowered its target price for China
Mobile (00941) to HK$79.6 from HK$89.8 and maintained its "outperform" rating.
The research house said recent industry data and developments suggest that China Mobile
is facing more elevated revenue and capex risks than Daiwa had previously thought.
Daiwa's survey of the latest price plans suggests that tariffs in the industry have
stabilised after falling steeply over a year ago (July 2018). However, with year-to-date
monthly subscriber data remaining weak for China Mobile, it appears that the revenue
challenges that confronted the company in 1Q persisted into 2Q.
Daiwa thus cut its 2019-21 mobile revenue forecasts by 1-3% after lowering both its
subscriber and average revenue per user forecasts. It also cut its 2019-21 EPS forecasts
by 2-9%. (KL)
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00941 CHINA MOBILE
Nominal 
70.800 +0.350 (+0.497%) Others
10/07/2019 09:53
[I-bank focus]Daiwa lowers China Mobile (00941) to HK$79.6
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