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摩根大通：维持中国移动“增持”评级 目标价85港元

J.P. Morgan Chase: Maintaining China Mobile's “Accumulation” Rating Target Price of HK$85

新浪港股 ·  Apr 23 04:52

J.P. Morgan Chase released a research report stating that it maintains China Mobile's (00941) “gain” rating and believes that it is the industry's first choice. It believes that its stock price is defensive and that dividend visibility is the best in the industry (dividend rate will increase to over 75% by 2026), with a target price of HK$85. The company's performance in the first quarter was mixed. Mobile and fixed network service revenue rebounded slightly. However, operating expenses were high during the quarter, and EBITDA fell 2% year over year. Net profit maintained steady growth due to changes in accounting policies driving depreciation and amortization (D&A) savings, and operating cash flow/free cash flow declined due to a surge in accounts receivable. The bank expects the stock price to fall slightly after disclosing quarterly results to reflect the trend of weak EBITDA and free cash flow.

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