China Mobile Reports Weak Full-Year Result, Particularly Cash Flow; FVE Reduced to HKD 97
China Mobile’s 2018 result was below our expectation with underlying service revenue down 3.7%. While the company reported EBITDA up 1.9% and net profit up 3.1%, we note that operating cash flow was down around 16%, the second year in a row that operating cash flow has declined despite reported earnings growth. We retain our narrow moat rating on the stock but reduce our fair value estimate to HKD 97 (USD 61) from HKD 105 per share (USD 66 per ADR) on reduced earnings forecasts despite a slight ...
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