reports
- Chris Hoare
China Mobile (Buy, TP: HK$ 115, +62%) Potential stake acquisition of ...
Bloomberg has reported that China Mobile is mulling the acquisition of HKBN (HK: 1310) from TPG and MBK Partners for at least HK$5 per share. This implies an equity valuation of at least HK$6.56bn (US$ 853m) and represents 16% upside from today's share price. Our brief thoughts below.
- Chris Hoare
Chinese Telcos Q3 24 review: Macro continues to impact the top line
Service revenue trend kept steady relative to Q2, albeit being slower than before due to macro headwinds. Yet earnings momentum continued to trend in the mid-single digits overall as we saw good cost control by China Telecom again (acceleration in EBITDA) while peers were cushioned by lower D&A costs (back by easing capex).
- Chris Hoare
- Chris Hoare
Chinese Telcos Q4 23 review: Outperformance by China Telecom; bullish...
China Telecom was the clear outperformer for service revenue growth this quarter and for the full year too, driven by an acceleration in Enterprise. Industry EBITDA trend was less upbeat in Q4 as China Mobile and Unicom declined. Both capex and dividend guidance were bullish; industry capex expected to lower by 5% while payout is expected to trend above 75% over the next three years (by 2026) for China Mobile and China Telecom.
- MarketLine Department
Motorcycles in Turkey
Summary Motorcycles in Turkey industry profile provides top-line qualitative and quantitative summary information including: market size (value 2017-21, and forecast to 2026). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market. Key Highlights - The motorcycles market consists of all classes of on- and off-road motorcycles including scooters and mopeds. - The Turkish motorcycles market had total ...
With a more favourable environment, CHINA MOBILE improves to Positive
CHINA MOBILE (HK), a company active in the Mobile Telecommunications industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date January 7, 2022, the closing price was HKD 49.70 and its potential was es...
- MarketLine Department
Motorcycles in India - Market Summary, Competitive Analysis and Foreca...
Motorcycles in India - Market Summary, Competitive Analysis and Forecast to 2025 Summary Motorcycles in India industry profile provides top-line qualitative and quantitative summary information including: market size (value 2016-20, and forecast to 2025). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market. Key Highlights - The motorcycles market consists of all classes of on- and off-road motor...
- Dan Baker
Morningstar | China Mobile Reports In-Line 1Q Result With Some Recover...
China Mobile’s first-quarter summary result was in line with our expectations, with service revenue down 0.5%, earnings before interest, tax, depreciation, and amortization up 4.3%, and net profit down 8.1%. China Mobile implemented a new accounting standard relating to leases, which decreases operating expenses and increases depreciation and amortization, so the EBITDA increase was partly driven by this accounting change. We therefore see the net profit decline as more indicative of the under...
- Dan Baker
Morningstar | China Mobile Reports In-Line 1Q Result With Some Recover...
China Mobile’s first-quarter summary result was in line with our expectations, with service revenue down 0.5%, earnings before interest, tax, depreciation, and amortization up 4.3%, and net profit down 8.1%. China Mobile implemented a new accounting standard relating to leases, which decreases operating expenses and increases depreciation and amortization, so the EBITDA increase was partly driven by this accounting change. We therefore see the net profit decline as more indicative of the under...
- Dan Baker
Morningstar | 00941 Updated Forecasts and Estimates from 24 Apr 2019
China Mobile’s first-quarter summary result was in line with our expectations, with service revenue down 0.5%, earnings before interest, tax, depreciation, and amortization up 4.3%, and net profit down 8.1%. China Mobile implemented a new accounting standard relating to leases, which decreases operating expenses and increases depreciation and amortization, so the EBITDA increase was partly driven by this accounting change. We therefore see the net profit decline as more indicative of the under...
- Dan Baker
Morningstar | China Mobile Reports In-Line 1Q Result With Some Recover...
China Mobile’s first-quarter summary result was in line with our expectations, with service revenue down 0.5%, earnings before interest, tax, depreciation, and amortization up 4.3%, and net profit down 8.1%. China Mobile implemented a new accounting standard relating to leases, which decreases operating expenses and increases depreciation and amortization, so the EBITDA increase was partly driven by this accounting change. We therefore see the net profit decline as more indicative of the under...
- Dan Baker
China Mobile Reports In-Line 1Q Result With Some Recovery in Market Sh...
China Mobile’s first-quarter summary result was in line with our expectations, with service revenue down 0.5%, earnings before interest, tax, depreciation, and amortization up 4.3%, and net profit down 8.1%. China Mobile implemented a new accounting standard relating to leases, which decreases operating expenses and increases depreciation and amortization, so the EBITDA increase was partly driven by this accounting change. We therefore see the net profit decline as more indicative of the under...
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
Add exposure to Technology, Communications We view weakness over the past week as correcting a significant amount of the excess optimism that was baked-in to global equities. As a result, we recommend taking advantage of the pullback by adding exposure to our favorite areas - namely Technology. Our overall outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward. • Index overviews: MSCI ACWI ex-US, MSCI EM, ...
4966 PARADE TECHNOLOGIES
3105 WIN SEMICONDUCTORS CORP.
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
2324 COMPAL ELECTRONICS INC.
3044 TRIPOD TECHNOLOGY CORP.
2308 DELTA ELECTRONICS INC.
3673 TPK HOLDING CO. LTD.
2408 NANYA TECHNOLOGY CORPORATION
VIV VIVENDI SE
CETV CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. CL A
00941 CHINA MOBILE LIMITED
TLS TELSTRA CORPORATION LIMITED
SOI SOITEC SA
9405 ASAHI BROADCASTING
2376 GIGA-BYTE TECHNOLOGY CO. LTD.
5434 TOPCO SCIENTIFIC CO. LTD.
VRL VILLAGE ROADSHOW
2383 ELITE MATERIAL
6750 ELECOM
NOS NOS SGPS SA
3706 MITAC HOLDINGS
603328 GUANGDONG ELLINGTON ELECTRONICS TECHNOLOGY (A)
6965 HAMAMATSU PHOTONICS K.K.
3005 GETAC TECHNOLOGY
2328 PAN-INTERNATIONAL INDUSTRIAL CORP.
9605 TOEI COMPANY LTD.
8035 TOKYO ELECTRON LTD.
8081 GLOBAL MIXED-MODE TECHNOLOGY INC.
00700 TENCENT HOLDINGS LTD.
TL5 MEDIASET ESPANA COMUNICACION SA
ASML ASML HOLDING NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
SCH SCHIBSTED ASA CLASS A
- Dan Baker
Morningstar | China Mobile Reports Weak Full-Year Result, Particularly...
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 sligh...
- Dan Baker
Morningstar | China Mobile Reports Weak Full-Year Result, Particularly...
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 sligh...
- Dan Baker
China Mobile Reports Weak Full-Year Result, Particularly Cash Flow; FV...
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 sligh...
- Dan Baker
China Mobile Now Fighting Resurgent Mobile Competitors
China Mobile’s subscriber numbers over 2018 and January 2019 showed trends from recent years of increased competition in the mobile market continuing, but China Mobile dominating the fixed line broadband market. In the three years from 2014 to 2016, post the introduction of 4G, China Mobile added 67% of total new mobile customers and China Unicom only added 9%. However, over 2017 and 2018, China Mobile added only 39% of new mobile customers while China Telecom’s share jumped to 38% and China...
- Dan Baker
Morningstar | China Mobile Seeing Increased Mobile Competition but Con...
China Mobile’s subscriber numbers over 2018 and January 2019 showed trends from recent years of increased competition in the mobile market continuing, but China Mobile dominating the fixed line broadband market. In the three years from 2014 to 2016, post the introduction of 4G, China Mobile added 67% of total new mobile customers and China Unicom only added 9%. However, over 2017 and 2018, China Mobile added only 39% of new mobile customers while China Telecom’s share jumped to 38% and China...
- Dan Baker
Morningstar | China Mobile Seeing Increased Mobile Competition but Con...
China Mobile’s subscriber numbers over 2018 and January 2019 showed trends from recent years of increased competition in the mobile market continuing, but China Mobile dominating the fixed line broadband market. In the three years from 2014 to 2016, post the introduction of 4G, China Mobile added 67% of total new mobile customers and China Unicom only added 9%. However, over 2017 and 2018, China Mobile added only 39% of new mobile customers while China Telecom’s share jumped to 38% and China...
- Dan Baker
China Mobile Seeing Increased Mobile Competition but Continuing to Dom...
China Mobile’s subscriber numbers over 2018 and January 2019 showed trends from recent years of increased competition in the mobile market continuing, but China Mobile dominating the fixed line broadband market. In the three years from 2014 to 2016, post the introduction of 4G, China Mobile added 67% of total new mobile customers and China Unicom only added 9%. However, over 2017 and 2018, China Mobile added only 39% of new mobile customers while China Telecom’s share jumped to 38% and China...
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