Regulated Price Reductions Negatively Affect China Mobile’s 3Q; FVE Reduced to HKD 97
China Mobile’s third-quarter summary results were slightly below our expectations, with service revenue down 3.0%, EBITDA down 3.4%, and net profit basically flat. As we saw with China Unicom’s result, the removal of mobile data roaming tariffs appears to have had a big impact. We retain our narrow moat rating but lower our fair value estimate to HKD 97 (USD 62) from HKD 100 (USD 64) previously, owing to slight downgrades to our forecasts. This fair value estimate implies a forward P/E of 16 tim...China Mobile and its subsidiaries are engaged in the provision of mobile telecommunications and related services principally using the Global System for Mobile Communications standard and the Time Division Synchronous Code Division Multiple Access standard. In addition, Co. provides its customers with internet access through wireless local area networks. Co. also develops and carries its 4G business based on the TDD mode long-term evolution technology. As of Dec 31 2013, Co. had approx. 767,200,000 customers in all 31 provinces, autonomous regions and directly-administered municipalities in the People's Republic of China as well as in Hong Kong.
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