reports
- Chris Hoare
Chinese Telcos Q2 24 review: Strong earnings despite softer topline; ...
Despite the slowdown in service revenue trend from softer macro, Chinese operators still delivered a strong earnings growth. Interim dividends rose by 7-22% YoY as all three raised payout ratios. Despite the share prices already roughly doubling, we remain bullish on exposure to China’s structural enterprise theme, improving capital intensity and improved shareholder remuneration.
- Chris Hoare
- Chris Hoare
China Mobile (Buy, TP: HK$115, +65%) Q1 24 Quick Take: Decent bottom ...
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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