Narrow-moat China Mobile Reports in Line 2017; FVE Down to HKD 102 on Increased Mobile Competition
China Mobile’s 2017 result was broadly in line with expectations with service revenue up 7.2%, EBITDA up 5.4%, and net profit up 5.1%. This compares with its first nine months services revenue growth of 7.1% and EBITDA growth of 5.5%, implying similar fourth-quarter growth rates, which is to be expected with such a large recurring revenue stream. While we would expect higher operating leverage on 7.2% service revenue growth from a telecom operator, we accept that China Mobile has been investing ...
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