China Mobile Earnings: Solid Growth Broadly in Line With Industry; Valuation Down Mainly on Currency

China Mobile’s second-quarter 2023 was again solid with services revenue up 4.2% with EBITDA up 5.9% and net profit up 7.7%, all year on year. In terms of growth the result was broadly in line with its peers. China Mobile’s data, information, and communications technology, or DICT, revenue increased 24%, compared with China Unicom’s 15% and China Telecom’s 19%, but because China Mobile has a much larger core telecom business than the other two, the DICT growth has less impact on its overall growth.