Narrow-moat China Mobile Reports Solid First-Quarter Result and Still Smashing Fixed-Line Broadband
China Mobile’s first-quarter 2017 was broadly in line with expectations with service revenue up 6.1%, EBITDA up 3.0%, and net profit up 3.7%. This compares with its 2016 services revenue growth of 6.7% and EBITDA growth of 10.2%. We were pleasantly surprised by the service revenue growth given our forecast of 3% growth for the full year. However, we expect a slowdown later in the year as more of the roaming and long-distance components of call charges are removed. The quarterly profit growth is ...
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