[ET Net News Agency, 21 April 2020] Goldman Sachs lowered its target price for China
Mobile (CM)(00941) to HK$61.8 from HK$64 and maintained its "neutral" rating.
The research house said CM's 1Q service revenue/EBITDA/net income accounted for
24.7%/23.1%/24.4% of Goldman's full-year estimate, versus 24.6%/24.6%/22.2% in 2019.
Post the result, Goldman revised down its 2020-22 EBITDA forecast by 3.6%-4% factoring
in higher 5G related network cost, and revised up its earnings forecasts by 2.0%-4.4%
factoring in lower depreciation cost. (KL)