China Mobile (Buy, TP: HK$115, +65%) Q1 24 Quick Take: Decent bottom line move despite some margin pressure as depreciation eases
Yesterday, China Mobile printed slightly mixed results; service revenue ahead by 0.9%, EBITDA behind by 2.7% while net profit was in line. Against Q4, service revenue accelerated as mobile improved and Enterprise seeing “favourable growth”. Less positive was the margin pressure as EBITDA declined YoY for the second quarter.
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