Narrow Moat-Rated China Mobile Reports Solid Full-Year Result but no Special Dividend
China Mobile’s 2016 was solid with service revenue up 6.7%, EBITDA up 6.9%, and net profit up 0.2% as reported, or up 10.5% excluding last year’s abnormal gain from tower sale. Importantly for investors, China Mobile also lifted its dividend payout ratio to 46% from 43% in 2015 and committed to 46% in 2017. No special dividend was announced, disappointing some investors after the special dividend announced by state-owned entity, China Shenhua Energy, recently. With net cash including marketable ...
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