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<Research>JPM: CHINA MOBILE 1Q EBITDA Sinks but Profit Stabilizes
Recommend 17 Positive 36 Negative 10 |
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CHINA MOBILE (00941.HK) delivered a mixed set of results for 1Q24, with mobile and fixed line revenues recovering narrowly, but EBITDA falling 2% YoY due to heavy operating expenses in the quarter, according to a report from JP Morgan. Net profit remained in stable growth, in wake of D&A savings driven by an accounting policy change, and OCF/ FCF decreased due to a surge in receivables. The broker forecast the Chinese major telecom's share price to edge down after the disclosure of quarterly results to reflect the trend of weak EBITDA and FCF. Yet, the broker maintained an Overweight rating on the stock and considered it as an industry top pick, given its share price defensiveness and dividend visibility being the best in the industry. The broker gave a TP of $85. AAStocks Financial News |
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