Morgan Stanley: China Mobile's third-quarter net profit misses expectations, maintains "Overweight" rating
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JP Morgan released a research report, maintaining a "Buy" rating on China Mobile, with a target price of HKD 110 for H shares and RMB 130 for A shares. Net profit in the third quarter increased by 1.9% year-on-year, lower than the market expectation of 3%. Mobile user growth was 0.5% to 1.01 billion, but average revenue per user decreased by 3.2%. Despite pressure on traditional telecom service revenue, the expected annual dividend yield of about 6.2% remains attractive, and annual profits are expected to show positive growth
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