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<Research>JPM Keeps Overweight Rating on CHINA MOBILE Despite Worse-Than-Expected 3Q NP
Recommend 15 Positive 20 Negative 9 |
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CHINA MOBILE (00941.HK) (600941.SH) reported a 0.8% YoY increase in service revenue for 3Q25, with net profit rising by 1.9% YoY, which was 3% below market expectations and slower than the 6% growth in 2Q25 due to rising hardware sales costs, according to JPMorgan's research report. During the period, mobile users grew by 0.5% YoY to 1.01 billion, but average revenue per user decreased by 3.2% YoY to RMB45.5. Mobile revenue fell by 3% YoY, while fixed-line broadband revenue grew by 8% YoY on the back of a 5% YoY increase in broadband users. Considering CHINA MOBILE's H-share annual dividend yield of around 6.2% still attractive and a possibility of the group achieving positive annual earnings growth, JPMorgan maintained the Overweight rating unchanged, with a target price of HKD110. AAStocks Financial News |
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