Narrow-Moat China Mobile Reports Solid First-Half Result and (Finally!) a HKD 3.20 Special Dividend
China Mobile’s first-half 2017 result was broadly in line with expectations with service revenue up 6.9%, EBITDA up 4.7%, and net profit up 3.5%. We were pleasantly surprised by the service revenue growth given our forecast of 3% growth for the full year prior to the result and the one-off HKD 3.20 per share special dividend. However, the special dividend was said to mark the 20th anniversary of the company’s listing with no commitment to repeat it, despite the company’s cash flow and balance sh...
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