[ET Net News Agency, 20 January 2020] Citi Research maintained a "buy" rating and HK$82
target price on China Mobile (CM)(00941) with improved 4G subs growth, likely
well-positioned in the 5G market, and possibly payout ratio hikes.
The company remains best placed among the mobile operators with 5G build-outs given its
balance sheet position and use of lower band spectrum at 2.6GHz which would allow it
greater capex efficiency versus peers with higher band spectrum at 3.5GHz, said the
research house.
CM guided flat DPS (dividend per share) in FY2019, and Citi expects DPS should not
decline in the next two years even with earnings decline risk. CM plans to reduce the
promotion of unlimited data packages, which could help improve ARPU gradually in 2020. CM
made aggressive price cut on big data packages in 2H18, which helped CM defend market
share but also hurt CM's mobile ARPU significantly. (KL)
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00941 CHINA MOBILE
Nominal 
69.000 +0.250 (+0.364%) Research Report
20/01/2020 14:43
{I-bank focus}China Mobile's DPS seen unchanged in two years
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