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China Mobile Ltd 00941

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China Mobile Reports Surprisingly Strong First-Half Result; FVE Lifted to HKD 86

Dan Baker Senior Equity Analyst

Analyst Note

| Dan Baker |

China Mobile reported a very strong first-half result with services revenue increasing 9.8%, EBITDA up 11.2%, and net profit up 6.0%. The acceleration in the second quarter was highlighted by second-quarter services revenue increasing 13.8%, EBITDA up 16.4% and net profit up 8.5%. First-half net profit growth would have increased to 16.8% without the extra CNY 8 billion of accelerated depreciation related to older assets. China Mobile expects only CNY 1.4 billion of accelerated depreciation in the second half and about CNY 2.2 billion in 2022.

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Company Profile

Business Description

China Mobile is not only the largest telecom operator in China by the number of mobile subscribers (946 million) but also the largest in the world. It has 58% of the total wireless market in China and 45% of the fixed-line broadband market. The firm is continuing to roll out its 5G network, having launched 5G service in late 2019. It will be doing some 5G network sharing with China Broadcasting Network at 700 MHz and will also resell its 2G/4G/5G network through China Broadcasting Network. Strong growth is being generated through Internet data centers where it has the second- largest network in China and through Cloud Services.

99 Queen’s Road Central, 60th Floor, The Center
Hong Kong, Hong Kong
T +852 31218888
Sector Communication Services
Industry Telecom Services
Most Recent Earnings Dec 31, 2007
Fiscal Year End Dec 31, 2021
Stock Type
Employees 446,898