[ET Net News Agency, 13 March 2018] Daiwa Research lowered its target price for China
Mobile (00941) to HK$110.3 from HK$116.5, and reiterated its "buy" rating.
The research house lowered its 2018-19 EPS forecasts for China Mobile by 9.1-9.6%,
driven mainly by 2.5-2.9% downward revisions to its mobile service revenue forecasts. It
continues to believe that China Mobile is best positioned in the China telecoms space due
to its dominant market share in 4G (2017: 64.5%).
The shares are trading currently at 2018 EV/EBITDA and PER multiples of 2.5x and 10.4x,
respectively, versus their past-15-year averages of 4.7x and 12.4x, which represents an
attractive 48% discount on an EV/EBITDA basis. (KL)
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