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China Mobile Ltd 00941

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Stock XHKG Rating as of
HK$72.75 −2.00 (2.68%)
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As of Delayed Price Closed
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Company Report

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China Mobile Leveraging Strong Mobile Position Into DICT Services

Dan Baker

With 991 million customers, China Mobile not only dwarfs its Chinese competitors but also is the world's largest wireless telephone company. It has more mobile subscribers than its competitors despite being handicapped by the Chinese government in the past, which required it to use the homegrown TD-SCDMA technology standard for 3G mobile. However, with subsequent technology shifts to 4G and now 5G, the technology playing field is more level. Over time, competitors have taken mobile services revenue market share, with China Mobile's share reducing from 71% in 2012 to 61% in 2023. However, China Mobile has been aggressive in the fixed-line broadband and internet services market, so its overall telecom services revenue share has only fallen to 51% from 55% over the same period.

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Price vs Fair Value

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00941 is trading at a 726% premium.
Price
HK$72.75
Fair Value
HK$28.00
Uncertainty
Low
1-Star Price
HK$282.24
5-Star Price
HK$53.80
Economic Moat
Plzbt
Capital Allocation
Brh

Bulls Say, Bears Say

Bulls

China Mobile dominates the Chinese wireless telecom sector with a market share of around 61%.

Bears

China Mobile is controlled by the Chinese government, whose objectives may not align with the interests of minority shareholders. In particular, the government would like to see more parity among the three operators and generally lower prices.

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Trading Information

Previous Close Price
HK$74.75
Day Range
HK$72.00–74.95
52-Week Range
HK$60.90–79.00
Bid/Ask
HK$72.75 / HK$72.80
Market Cap
HK$1.56 Tril
Volume/Avg
41.4 Mil / 23.0 Mil

Key Statistics

Price/Earnings (Normalized)
11.88
Price/Sales
1.39
Dividend Yield (Trailing)
6.64%
Dividend Yield (Forward)
6.60%
Total Yield
6.64%

Company Profile

China Mobile is not only the largest telecom operator in China by the number of mobile subscribers (996 million) but also the largest in the world. It has 60% of the total wireless market in China and 50% of the fixed-line broadband market. The firm is continuing to roll out its 5G network, having launched 5G service in late 2019. It is doing some 5G network sharing with China Broadnet at 700 MHz and also resells its 2G/4G/5G network through China Broadnet. Strong growth is being generated through internet data centers where it has the second-largest network in China and through Cloud Services. The company issued stock on the A-share market in 2022 and completed its first buyback of H-shares.
Sector
Communication Services
Industry
Telecom Services
Stock Style Box
Large Core
Total Number of Employees
451,830
Website
https://www.chinamobileltd.com

Competitors

Valuation

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Metric
00941
9432
9433
Price/Earnings (Normalized)
 11.8811.4715.07
Price/Book Value
 1.061.351.79
Price/Sales
 1.391.011.66
Price/Cash Flow
 —4.416.69
Price/Earnings
00941
9432
9433

Financial Strength

Metric
00941
9432
9433
Quick Ratio
 0.900.770.67
Current Ratio
 0.990.940.71
Interest Coverage
 48.6414.9296.04
Quick Ratio
00941
9432
9433

Profitability

Metric
00941
9432
9433
Return on Assets (Normalized)
 7.28%4.81%5.13%
Return on Equity (Normalized)
 10.94%14.17%12.78%
Return on Invested Capital (Normalized)
 9.91%6.33%8.34%
Return on Assets
00941
9432
9433
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