[ET Net News Agency, 20 March 2020] J.P. Morgan maintained its target price for China
Mobile (CM)(00941) unchanged at HK$70 but upgraded its rating to "overweight" from
"neutral" on higher-visibility of well-controlled capex and financial stabilization.
The research house said CM management's positive comments about capex, subsidies, and
financial and dividend outlook should help alleviate market concerns about operators being
forced into reckless 5G investment.
CM's capex budget for 2020 is Rmb180bn, including Rmb100bn for 5G. The company plans to
add at least 250k 5G base stations this year. JPM forecast up to 350k for CM, and the
market expectation is 300k-400k. Management reiterated that capex won't go up
substantially during the peak 5G investment period of 2020-2022. (KL)
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00941 CHINA MOBILE
Nominal 
72.100 0.000 (0.000%) Research Report
20/03/2020 17:32
{I-bank focus}JPM ups China Mobile (00941) to "overweight"
| Remark: | Real time quote last updated: 20/09/2024 18:00 |
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