[ET Net News Agency, 28 November 2019] Goldman Sachs lowered its target price for China
Mobile (00941) to HK$66 from HK$70 and maintained its "neutral" rating.
The research house cut its 2019-2021 EPS estimates by 4%-5% raised its capex forecasts
by 9%. Goldman raised its 2019-2021 5G base station forecasts from 140k/600k/800k to
160k/1mn/1.1mn to reflect its expectations of a faster 5G rollout in China.
As a result of the higher 5G base station assumptions, Goldman raised its wireless capex
forecast for the telco. Specifically, it raised CM's 2020/2021 capex by 9%. (KL)