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<Research>M Stanley: CHINA MOBILE (00941.HK) 3Q NP Below Forecast
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Positive
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Negative
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CHINA MOBILE (00941.HK)'s 3Q25 service revenue was RMB216 billion, up 0.8% YoY, which is 0.7 ppts above Morgan Stanley's expectation, Morgan Stanley released a research report saying.

EBITDA declined by 1.7% YoY to RMB79 billion, 2.8 ppts below the broker's forecast, mainly due to higher-than-expected other operating expenses.

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Morgan Stanley noted that CHINA MOBILE's 3Q25 service profit margin dropped by 0.9 ppts YoY to 36.8%. Net profit increased by 1.4% YoY to RMB31 billion, which was 1.2% below the broker's projection, partially offset by better non-recurring items.

Therefore, Morgan Stanley kept rating at Overweight for CHINA MOBILE, with a target price of $90.
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