China Mobile Dominating the Telecom Market but Battling Government-Mandated Price Cuts.
China Mobile's first-half 2018 result was slightly ahead of our expectation, with underlying service revenue up 5.5%, EBITDA up 3.7%, and net profit up 4.7%. We retain our narrow moat rating on the stock but reduce our fair value estimate to HKD 100 (USD 64 per ADR) from HKD 102 per share (USD 65 per ADR) on the back of a much weaker Chinese yuan partially offset by slight earnings upgrades and the inclusion of its equity stake in China Tower. This fair value implies a forward P/E of 15.6 times ...
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