[ET Net News Agency, 15 September 2017] Deutsche Bank cut its target price for China
Mobile (CM)(00941) to HK$112 from HK$114, and maintained its "buy" rating.
The research house said CM delivered the strongest underlying 2Q results, with EBITDA up
6.2% YoY, supplemented by a substantial special, which should take its full-year payout to
100%.
However, the market seems to have largely moved on, giving no credit for the operational
performance and potential future payouts, leaving its year-to-date total shareholder
return of 5.5% worse than the appreciation in RMB (7% versus HKD).
CM now trades at 12.3x FY2017 P/E, 1.3 P/E points below China Telecom (00728) (9.3x
adjusted for cash), which is too cheap versus the regional incumbents. DB does not see CM
as a value trap given its strong market position.
It retained CM as its top pick in the sector, followed by China Unicom (00762) and China
Telecom. (KL)
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00941 CHINA MOBILE
Nominal 
72.200 +0.300 (+0.417%) Research Report
15/09/2017 17:50
[I-bank focus]DB cuts China Mobile (00941) to HK$112
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