[ET Net News Agency, 17 August 2020] Nomura lifted its target price for China Mobile
(CM)(00941) to HK$72 from HK$70 and maintained its "buy" rating.
The research house said CM's 1H results were largely in line with Nomura's estimates.
Service revenue slightly beat, while earnings came in a bit short of its expectation.
Nomura believes easing competition and robust growth in 5G subs will likely enable a
gradual recovery in the mobile business, with the decline in ARPU slowing as well.
Meanwhile, CM delivered healthy growth in the data, information and communications
technology (DICT) business (+55.3%), especially for Internet data center (IDC) and Cloud
business.
Nomura trimmed its 2020-22 earnings forecasts by 0.8-1.9% to reflect higher opex on the
5G network. (KL)
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00941 CHINA MOBILE
Nominal 
71.050 +0.250 (+0.353%) Research Report
17/08/2020 10:18
{I-bank focus}Nomura lifts China Mobile (00941) to HK$72
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