China Mobile’s Underlying 1Q Trends Similar to Those Seen in 2017; Firm Remains Good Value
China Mobile’s underlying first-quarter 2018 result was in line with our expectations, with service revenue up 3.6%, EBITDA up 3.9%, and net profit up 4.0%. The services revenue growth was affected by the move to the new accounting standard for revenue (IFRS 15), with like-for-like growth of 7.0% broadly in line with the 7.7% growth reported in fourth-quarter 2017. We retain our narrow moat rating and our fair value estimate of HKD 102 per share (USD 65 per ADR). This fair value estimate implies...
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