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<Research>HSBC Research Cuts CHINA MOBILE (00941.HK) TP to HKD108, Maintains Buy Rating
Recommend 15 Positive 23 Negative 11 |
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HSBC Global Research issued a report on CHINA MOBILE (00941.HK)(600941.SH), which has the potential for sustained dividend growth over several years, on the ride of strong growth in cloud revenue, EBITDA margin expansion due to scale effects of cloud, and lower capex intensity. The broker also believed that the steady growth in home broadband, cloud, and IDC revenue will offset the decline in consumer mobile revenue. Therefore, the broker expected a CAGR of approximately 1.5% for EBITDA and 5.7% for DPS from 2024 to 2027. The broker cut its revenue forecast for CHINA MOBILE from 2025 to 2027 by 1-2% and also reduced its net profit forecast for 2026 to 2027. This adjustment led to a 2.7% and 5.4% reduction in the target prices for H-shares and A-shares, respectively, with the H-share target price lowered from HKD111 to HKD108, and the A-share target price reduced from RMB148 to RMB140. The broker upheld a Buy rating for both H-shares and A-shares. Based on the latest target price, the expected dividend yield for H-shares and A-shares in 2025 is 5.2% and 3.6%, respectively. AASTOCKS Financial News Website: www.aastocks.com |
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